Ah, that may be the reason. The Super Game Boy (2) can only play GB games, not GB color games. Now I'm suprised the game even started :D
Sounds like that was the issue. Yeah a lot of effects in the game (lightning, etc) were achieved through the game boy color palette swapping
all GB studio games are technically backwards compatible with both GB and GBC consoles, so there may be issue in cases where the design is specifically leveraging color mode features