 Solution

No, it cannot deformation retract onto a graph. Each sphere contributes a degree-$2$ homology class independent of the other two. Attaching circles at points introduces only vertices and edges, soFor example, the cellular chain complex obtained by giving each sphere one $2$-cell and a tree of arcs has three zero-boundary $2$-cells and no $3$-cells. Every graph has zero degree-$2$ homology. A deformation retraction would induce a homotopy equivalence and an isomorphism on homology, which is impossible. An ordinary retraction has no such requirement.