Peter Parker is made to suffer. As a character, his relatability as the “everyman” of superheroes relies on his constant struggle. He’s trying to juggle school and/or work with personal relationships but a lot of the time, he’s barely succeeding. It’s the fact that he’s willing to keep trying, despite all odds, that makes him Spider-Man. This element of the character has been noticeably lacking from his MCU interpretation, with billionaire Tony Stark providing all he could ever need. With Starks demise at the end of Avengers: Endgame, Peter was finally experiencing the grief he needed, although it relied on caring about Stark. By contrast, Spider-Man: No Way Home beats Peter beyond the point of submission.
The film opens precisely where Far From Home ended, with Peter’s identity as Spidey revealed to the world. In an attempt to regain his private life, as well as those of his best friend Ned and girlfriend MJ, he turns to former Sorcerer Supreme D.r Stephen Strange for help. After messing up a spell that would have made the world forget that Peter is Spider-Man, he is confronted by various villains from across the multiverse, whom he hopes to “cure” before sending home. Where this premise could easily have failed was in relying purely on the nostalgia of these characters, instead of writing them as fleshed-out characters. Luckily, this isn’t the case, save for a couple of villains who don’t get treated with the respect that they should. They are accompanied by various classic musical motifs, as well as some design changes which CGI can afford.
The largest issue is that the ramifications are never fully explored. Dr. Strange is never explicitly clear about how the spell works and it’s never explained how events in this universe will affect other universes going forward. By the end, it’s not fully clear how Peter will function as a character moving forward, but that’s not necessarily a bad thing. This film strips him down to the bare essentials of the character and, for the first time in the MCU, Peter feels like he got the origin story that he should have had all along. Ironically, he now feels at home in this franchise.