Before No Way Home? Yes, most undoubtedly, as mentioned in the answer above. After? There should be none.
While Doctor Strange repeatedly mentions everyone forgetting that Peter Parker is the Spider-Man, I would perhaps phrase it as undoing the knowledge of Spider-Man's identity by removing anything related that would implicate him, which includes people's memories, but also physical items.
It is very difficult to imagine what the extent of removed/modified things would have to be, but then again, it's magic, so...
Frankly, the magic executed at the end of the film, where everyone forgets Peter Parker's very existence, is even more problematic. Let's say everyone forgets about him, he disappears from all pictures, videos, audio and written records. Alright, that's pretty complicated in itself because it raises questions about whether the records as a whole would cease to exist or if they would end up modified in some fashion to make up for the lack of a certain Peter Parker. Then, what happens to all of his material possessions? Do they simply vanish? I doubt it because he can be seen carrying of box of, presumably his, items into his flat. However, what if someone else who used to know him encountered those items? Wouldn't that cause them some confusion? This trope of people slowly realizing that someone/something is missing based on a lack of knowledge about certain things/events appears very commonly in movies that play with the idea of time travel and Butterfly Effect, so I wouldn't be surprised to see it appear here as well. Unfortunately, this kind of magic that effectively plays with the space-time continuum is incredibly vague and left to the viewer's imagination.