Marvel execs felt that “the idea of Peter experiencing the day-to-day-events of school life, like school trips, homework, and a homecoming dance, was such an exciting … playground for ideas and storytelling.”
With Andrew’s Spider-Man graduating from high school at the end of The Amazing Spider-Man 2, it seems Marvel producers never envisioned that version of the superhero in their universe. Plus, the licensing deal struck between Sony and Marvel was probably a major reason Andrew didn’t get a third movie.
Source: https://www.distractify.com/p/why-was-the-amazing-spider-man-3-canceled