it definedly has the spectacle of an arcade game, i like that about arcade style games myself. maybe speed up the explosions, it looks a little bit like its in slow motion.
i think its possible to have both spectacle and visual clarity, for example if you somehow layer all the explosions and "less important" visuals low and important visuals like enemy bullets to the top they should always stick out.
the plane models look exellent, i thought it was part of some premade asset pack untill i checked the game page where you mention it.
i dont know if its intentional you cant go to the edges of the screen, but it would be nice to either have a visual showing how far you can go or be possible to go all the way to the edge of the screen.