A small, isolated puncture may be repairable, but the answer depends on the membrane material, its age, how the patch can connect to sound material, and whether water has already reached the structure. Separated seams, recurring leaks, ponding or damage at wall, door, drain or railing connections call for a wider inspection. A coating over a visible mark will not solve a hidden water path.
Ask a qualified building-envelope professional to document the condition and say whether localized repair can restore a continuous waterproofing system or whether renewal is needed. If replacement is recommended, the scope should include the adjoining waterproofing, drainage and wall transitions, plus any damaged substrate found during opening. Canyon's roofing and waterproofing service includes deck and balcony waterproofing coordination.