I really like this take on the "losing controls" idea! The screen wrap is a smart way to give the player a (more difficult) alternative to a lost left or right input. Great way to force them into an interesting decision. I do wish the player could wrap vertically as well, because if you lose the down input you can end up stuck pretty high on the screen and have no way of getting back. I also had trouble with waiting through a wave if I lost control early.
Resetting controls on waves, though, is a great way to keep the player engaged and give them an incentive to survive. The controls are solid, the UI is very readable and looks good, the enemy types are well-thought-out and easy to distinguish, and the difficulty curve seems well-modulated. Great game!