Actually, the figure IS supposed to be based on his appearance in No Way Home. He's wearing the same black turtleneck that he had in that movie as well as having the messy, unkempt hair. Collectors have speculated that the packaging says it's from Spider-Man 2 due to legal reasons. Alfred Molina probably had no likeness rights for NWH, but he did for Spider-Man 2. So, the packaging was labeled "Spider-Man 2" as a legal loophole. The same thing happened with Andrew Garfield. His packaging was labeled "The Amazing Spider-Man 2" but the figure is clearly from NWH. His unmasked Peter Parker head has the same hairstyle that Andrew sported in the movie.
Actually, the figure IS supposed to be based on his appearance in No Way Home. He's wearing the same black turtleneck that he had in that movie as well as having the messy, unkempt hair. Collectors have speculated that the packaging says it's from Spider-Man 2 due to legal reasons. Alfred Molina probably had no likeness rights for NWH, but he did for Spider-Man 2. So, the packaging was labeled "Spider-Man 2" as a legal loophole. The same thing happened with Andrew Garfield. His packaging was labeled "The Amazing Spider-Man 2" but the figure is clearly from NWH. His unmasked Peter Parker head has the same hairstyle that Andrew sported in the movie.
I had a feeling it was from no way home, but I wasn't quite sure thank you for letting me know.