It's cute, and I like shmups. But losing time as health doesn't really lead to a lot of mechanical depth. You can barely save any time at all by staying close to the enemy and focusing, there isn't nearly enough potential benefit to outweigh the cost of a 20 second penalty for getting hit. The risk reward is all outta wack.
I could've swore I noticed a graze mechanic on the third boss at some point? I think I gained more time somehow? I have no idea how that works or how it happened, and it's impossible to look at the UI while playing.
I love the art and music, but fighting the same two guys over and over just felt like a test of my patience primarily and my skill second. The third boss is super cool, and really fun, but the second one is way harder and also simple in a boring way. It's too frustrating playing through the first two repeatedly to reach the third boss so I never beat him.