To be honest Spider-man No Way Home is not worth it for Oscar. It creates very beautiful nostalgia, it makes its present exciting of its past, and these things also appear to be lacking in this movie. No Way Home was nothing less than a festival in this difficult time, Deadline.com also mention that, might be academy will nominate it, because of its cultural importance. No Way home brought people back to theater, and it is enough for it. It might be considered in a category of visual effect, but again the same point comes, MCU is not going to change its continuity style because of any kind of awards.
2021 did not just give the No Way Home. Rather, many other amazing movies have come, like Pig, The Green Knight, Dune, The Power of the Dog, The French Dispach, The Tragedy of Macbeth, The Father and many other movies. And on top of that the Academy's huge significant portion strongly hates Super-hero movies, leaving some exceptions like Black Panther. Black Panther was very fresh content from MCU, if Black Panther 2 has to win again in all the same categorizes, that will be close to impossible. Costume, original score, production design is not repeatedly changeable. After that you should try to reevaluate No Way Home. Leaving cameos, what plus point does it have. I am not criticizing movie from any angle, movie was beautiful created and audience enjoyed it, but still it could have been better.
Audience also wants that Andrew Garfield should get Oscar, but if he get Oscar for Tick, Tick Boom it would be more justified to him. Now, talking about academy authenticity, from a few years viewership of Oscar is decreasing, definitely they will do something so that new generation can take it seriously. If Oscar considered The Suicide Squad then they should also at-least nominate No Way Home.
So the conclusion is "Is no way home perfect film?: No", "Is its some parts perfect?: absolutely yes". Movie doesn't give any special cinematic influence, but in its personal and cultural influence it is best movie, but is this the only reason that it should get award because it brings Tobey and Andrew back or it brings villains back. Over that, we should also understand that Academy awards is a Industrial award show, which gives artificial importance to movies. Now, you should give your view in the comments.