I finally watched No Way Home a couple nights ago, and as a Spider-Man movie, it was garbage. Better than Far From Home because...how could it not be. But not as good as Homecoming. And I didn't particularly like that one, either.
First, you've got a main character who in terms of personality, does not resemble Peter Parker in the slightest. Let's just get that out of the way. He's incredibly selfish throughout and kind of ditzy, and untouched by any tragedy until the end of this one, because there was no Uncle Ben in his world. So he became a hero just because. He doesn't even get the power/responsibility speech until the third movie, now from his aunt. And even then, he doesn't seem to grasp it as he secretly plans to murder Norman and has to be stopped by the other, more authentic versions of Peter.
If you're going to have Aunt May be a young MILF dating Tony Stark's best friend, and "MJ" as a completely new character with completely new personality who only happens to have the same initials as Mary Jane, stuff like that, that is all fine. You know, whatever. But at bare minimum, to make a Spider-Man movie, you at least need to have Peter Parker (or Miles Morales). And these "Home" movies don't.
Everything that was enjoyable in No Way Home came from the previous movies. The three Peters together. The old villains. Which is already a bad sign for the movie. And it used those elements from previous series in a cheap, manipulative way.
The one thing in this movie that did not come from previous series, but that I did find interesting, was the choice to turn Jameson into Alex Jones. Just straight up Alex Jones. That was an interesting way to update the character to modern times. But the downside it that it instantly makes him irredeemable. Plus, you lose a lot of supporting cast, and it's not like Peter is ever going to get a part time job working on an alt right internet show.
Then to top everything else off, we end No Way Home by basically adapting a bit of One More Day, the most hated Spider-Man story in comics history. Which can be undone, whatever. But the idea that out of 60 years of comics, they'd choose to pull from One More Day as inspiration, is another reason No Way Home sucked.