This is frankly amazing.
The atmosphere of a modern arcade cabinet is really strong and upfront, and done really well. The ship designs are varied, and I love the small touches like lore, highscore screens and other things which make this play A LOT like an arcade cabinet.
My only niggle is that the CRT filter is too intense and obscures some information, for the sake of accessibility I'd advice you to add an option of "Filtering grain" with a slider from Null to Intense.
This isn't 5 stars because the gameplay loop isn't made for brutal difficulty. I am fine with the idea of dying in one hit, but if you do it, you need to have EXTRA TIGHT CONTROLS and SMALL RESPAWN TIME, which you both neglected to address.
All ships have a noticeable unintuitive delay before firing off their ability, and most of my deaths were just that- shot during the bullshit startup delay. And respawn, while designed okay, takes a tad too much time with the coin sfx and booting you to main menu before replaying again, which is unreasonable in a game there you die in one hit.
Could be a 5 star game easily if you polish it out.