That's a fair point, though their global box office takes are pretty much tied currently, but one could also argue that the Marvel/Spider-Man of it all gives Web the greater star power.
Eh, it's not like Spider-Man was in the title. They didn't even put him in the background of the trailers, like they did with Morbius. And Madame Web is an even more obscure character, so a lot of people probably didn't make the connection.
On the other hand, Argylle had trailers with Cavill, Bryce Dallas Howard, Sam Rockwell, Samuel L. Jackson, Bryan Cranston, John Cena, Dua Lipa (who also provided music for the movie), hell, even Catherine O'Hara made the trailers, just in case some people recognized her from the Home Alone movies or Schitt's Creek. Not to mention Matthew Vaughn, who has a well-known filmography and far more of a following than first-time film director SJ Clarkson.
And, as I already mentioned, Argylle opened two weeks before Madame Web and has thus had that much more time to accumulate box office results.
And, again, I'm not trying to make Madame Web look good. I haven't even seen the movie, and honestly, I'm not planning to. I have no skin in the game whatsoever. Madame Web will lose money for Sony. But not nearly as much as Argylle will for Apple and/or Universal (who handled Argylle's theatrical distribution, so it depends on the details of the contract between them and Apple).
And yet, there were no jokes at Argylle's expense at the Oscars. No ongoing stream of entertainment news articles and opinion pieces.
The way I see it, the Spider-Man connection actually hurt the movie's profile, because while it didn't attract a big audience, it certainly attracted the attention of entertainment news.