Hello Sara,
Yes, this is possible using Power Automate. Here is the high-level logic.
1. Write an "Automated Cloud Flow" with the trigger on change of Contact specific column set to "X"
2. Get the email address of the specific contact
3. List Leads (Status Open, Email address as contact email address, you can add your custom filters to reduce records)
4. Check if list rows have any output (if yes)
5. Apply for each row (lead)
6. Update the lead with status /status reason along with additional details as per your requirement.
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If you have further questions, please feel free to contact me.
Best Regards,
Daivat Vartak