Wrapping an object (product packaging) around another object ( a ribbon)?

Do you mean something like this?

Using your screenshot I selected parts of the image and split them onto separate layers (e.g the front of the left ribbon is on a separate layer and is warped into place "in front " of the box.  I also took the top of the right box and warped it onto the left box to give a better perspective view (so you can see the box top).  Painting in some shadows helps the illusion

Dave

Here are instructions for using a displacement map to wrap an object https://community.adobe.com/t5/Photoshop/how-to-wrapping-an-image-in-wrapping-paper-on-photoshop/m-p/10184727#M209843

I'm not sure if I am clear on what you are trying to do, but if you ned the object on the left to appear to be behind portions of the ribbon, use a layer mask on the object to hide the appropiate portions of it.