We’ve had good results scanning such photos, without causing further (noticeable) damage.
Also, if you use Gimp there’s a plugin called “restore” (search restore.py, and you’ll find it) that can automate a lot of the digital restoration work (at least as regards fading and color (even in the case of black and white)). I would assume there’s something similar for Photoshop as well.
If the photo is very badly faded, the most important thing, whether you scan or use a camera, is to get the most data out of it as possible. So don’t scan in black and white, scan in color (and 48 bit color, if your system supports it), and at a higher resolution than you think you’ll need. The more you have to work with, the more options you have to fix it. Which will give you more to work with depends on both the scanner and camera available to you.