Nononono... they won't kill Peter.
But eventually, a decade or so from now, Tom Holland will be like, "Yo, hey, Thanks for these last 13 movies, but i've got kids now and i'd like to spend some time with them..."
And marvel will be like "Yeah, cool. One more flick? we need to do a torch pass"
And Tom will be like "Yeah, cool. I won't die or anything, right?"
And Marvel will be like "Nah, we'll hook your character up with (insert Bitch what loveth Spider-Man here) and he can retire to have kids. You'll drop in every now and then as a supporting actor"
and Tom will be like "Cool."
And so the movie: "Ultimate Spider-man" gets made. Pete goes home to be a family man, Enter Miles as some promising young half-african half-latino child star.