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Researchers are studying the effects and safety of different doses of a new medicine called NNC0662-0419 in people with type 2 diabetes. This study compares NNC0662-0419 with semaglutide, an approved diabetes medication, and a placebo to find out if NNC0662-0419 is an effective and safe treatment option. Participants will be randomly assigned to receive one of these treatments. Participants will receive their assigned treatment by weekly injections under the skin. The study includes groups receiving NNC0662-0419 with increasing doses, semaglutide, or placebo matched to the investigational medicines. Treatments will be given once a week during the study period. During the study, participants will have their blood sugar control monitored by measuring glycated hemoglobin HbA1c at various time points up to 40 weeks. Researchers will also track changes in body weight, blood sugar levels, cholesterol, kidney function, and the number of adverse events. The study lasts until about 48 weeks, allowing for safety and effectiveness assessments throughout this time.