0:00-0:32 the ostenato is very heavy and the flute/pic (just gonna call it flute) sounds very plucky when legato would have been more appropriate. Additionally the 2nd flute makes these little dissonances and note overlaps that are rather unpleasant.
0:33-1:12 Feels like it's in 4 - valses don't *have* to be in 3 but it makes them much waltzier. you seemed to try to compensate with this weird syncopation, which got really close to working, however it still feels very much like what would be a short interlude that's more than a third of the song. 1:08 there's a real crunch that doesn't work with the lightness of the section. The pizz at the end of the section (1:10-1:12) is really good though
1:13-end I'd immediately say this is the strongest section of the song, however its pulse is too hard and has me doing a real heavy bob, which ends up making it feel jerky. Additionally, there was little variation here, with the original ostenato just feeling less heavy because you made your melody the entire strings section instead of just one flute. With your heavy, repetitive rhythm and little variation from chords in your melody, this section does end up being a little two-dimensional aside from a couple spots. It's the most solid out of the three sections, but it isn't that spectacular on it's own
It's a solid attempt, however I wouldn't waltz to this.
*giving a review 5 years late to a NG creator who isn't active, it's my thing :)