It's a unique mechanic, or at least something I haven't seen before.
My initial impression was that it's very difficult to get a feel for. I played all the way through and felt by the end like I might have a decent grip on it, but I played it all the way through again today and there was very little help from muscle memory. I'm not the fastest, so I may not be the target audience for this (although I did enjoy it quite a bit!) but I found the precision needed for some turns and braking was asking a little too much from me. On a third partial playthrough I mapped brake to a button instead of back and I was able to keep flying for much longer, cracking 100k about halfway through the second room.
I also felt the objectives could be larger visually. When flying around I found it difficult to keep track of where I needed to go next without smashing into a wall. Oofoe, the particles, and the lightning arcs were really well done.
The level design was varied enough to keep things interesting the whole time, and after multiple playthroughs. If you plan to continue there may be an opportunity for a modular procedural level system, ie. cut out each section out of each level, allow their colour to be randomly assigned, and then figure out how to make them bolt together seamlessly. I imagine it would be a separate mode, as it would make speedrunning (I believe you mentioned it was one of the focuses of your game) a lot more RNG based.
As I said, I enjoyed it quite a bit, playing through it 2.5 times. It just requires a lot of precision that I do not have the skill to pull off. There's a ton of potential here, though. Keep up the good work.