There are two easy ways I can think of to simplify its tonal range. One is to use the Cutout filter
A Hue Saturation layer to take out the colour
Curves to get the tonal values closer to your example
Select the portrait layer and use Select Subject and Select and Mask, and output to Layer Mask to make the background transparent.
Place a graffiti layer below the portrait layer. Note: I have clipped the adjustment layers to the portrait layer to prevent them affecting the graffiti layer. That was done by clicking on the icon I have outlined with green in the Properties panel.