Sony’s option is on the original Peter Parker Spiderman Universe and all the books contained therein.(maybe not all) The fact that Peter Parker is dead and probably Dr. Oct will be too shortly and all of those books are no longer actively being published these actions legally will divorce the two Spiderman properties leaving the Miles Morales Spiderman Universe and probably time traveling of that character fill-in past team-ups (if Disney wanted to) and there’s absolutely no way to confuse Miles Morales with Peter Parker (which would be a large part of the legal standard for infringement)
…It’s BRILLIANT from a business and creative standpoint for the ongoing development of the character without continuing to add to Sony’s Spiderman chest for films and for giving Disney back the film rights they always should have had to a core Marvel character. Had they just made Parker’s replacement another White guy with similar character attributes it would have made for slippery slope legally.
For the people that want to basically disregard the Ultimates version Spiderman as a non main continuity character consider where the Ultimate Nick Fury started and where he is now.