Removing Spider-Man from the MCU and its mythos also undoes all the character building and growing that Tony Stark did. All the highs and lows he went through after meeting Peter. The lose of Peter in Infinity Saga, the second chance to rebuild his life with Pepper and Morgan and then reuniting with Peter in Endgame, and his ultimate sacrifice. The whole point of Far From Home was dealing with the lose of Stark and removing that is a great injustice to the MCU and the fans.
Far From Home also established a great "what now?" moment in the mid credit scene, when Mysterio and J.Jonah Jameson reveal Spider-Man's secret identity to the whole world. To scrap the sequel leaves not only a big unanswered question and makes Far From Home all for not.
Finally, removing Spider-Man is nearly impossible. Spidey has interacted with almost all of the MCU heroes and made a big dent in the MCU. He has fought Captain America, teamed up with Star-Lord, and traded quips with Doctor Strange. To kill him off or just say he never existed, is crazy. Replacing him would be the only way, but having Jessica Drew's Spider-Woman coming in seemingly out of no where would make no sense.
Since Spider-Man has arrived in the MCU, he has made the Marvel Studio films feel more like a comic book and is a joy to watch on the screen. Tom Holland brings a light to the character like no other and undoing that would only hurt the MCU, it fans, and everything the MCU has tried to build.