The instruments, for the most part, work in connection to the artwork. My particular favourite was the choice of acoustic guitar - it's a good choice for creating a sense of comfort and homeliness.
My biggest issues with the track come from its composition and the way the instruments are executed. I think a lot of the pieces are there - you have a good approach in terms of which instruments would work with this sound design, but they feel so uniform that it breaks the flow of the music. Additionally, the composition's chord progression does feel like it can work to create a sense of atmosphere that works with the art, but the accompaniment surrounding the guitar melody is so even that it comes across as clockwork and, as a result, makes the piece a tedious listen.
Having more sense of phrasing, I think, could have helped with the sound design. Little adjustments to the velocity, not so large to be extremely drastic, would have helped create a more dynamic arrangement. I also think that the guitar chords, particularly for the melody, could have had more release to them. Just hearing them play so "perfectly" feels unnatural and takes away from the atmosphere the piece is trying to convey.
I also believe that the composition, particularly the accompaniment, could have benefitted from more rhythmic movement in the bassline. It's not necessarily that there needed to be more notes, but rather consideration as to how the notes are played - when they are held for a bit longer versus played slightly faster, maybe there's some play between syncopation and even notes that hit the strong beats rather than ALL the notes hitting the quarter notes of the metre.
Overall, I think this entry has the right idea of where it's headed, and I think with more detail to the momentum of the composition and phrasing, it could be quite a lovely piece. I do want to mention that I love the section at 3:32, where the bells come in. Their slightly off-pitch sound gives off a wintery charm and I think that was a good way to bring the piece to a close.