Hey there! I really like this take on the theme. I myself did something similar for my submission!
I agree the controls should have been simpler, maybe a press for inhale and release for exhale?
Another thing, the bar position needs to be at center vision, because that's what I'm trying to hit, right? Actually the decision about the bar is crucial. I would have used two separate bars for inhaling and exhale and maybe the circle animation for hold, like | o | or I would have made the bar horizontal, at least.
I missed the elephant in the game screen.
Other than that, tastefully executed! Congratulations!