First, I would recommend not uploading your game as a .rar file. I had to look up how to extract it first.
But the game itself is visually appealing and the music adds to the atmosphere. I also liked the screen shake and particle effects.
The game itself felt a bit weird though. The collision is sometimes buggy. If you go up all the way to the roof, you bounce around. It took me also a while to realize that pressing S didn't make my little bird thing go down. You also get slowed down quite a bit if you fly into a block, which breaks the game flow.
You could also improve on the level design. For example, I kept spamming my bullets, because there is no real downside to not doing it. What if shooting costs you time? Then you have to shoot precisely. I also didn't have any use for the rewind mechanic. It helps you to get back, but there is no real reason to use it, except to maybe save some time. But then I didn't run out of time at all. In the end, I almost had 5 minutes. Since you are going for an arcade game, you might want the difficulty to go up exponentially? And why not make the little cubes give you extra time if you collect them? I had no real incentive to get them.
I don't want to say that the game is bad, because you have to consider the circumstances. I think you did the game solo, and you made it in 3 days, not 7. There's still a lot about the game design that you can improve on, though. But hey, that's why we are doing game jams, to learn.
I wish you good luck with your future game dev endeavours!