Both the gameplay and aesthetics are great! I played Panzer Dragoon Orta not too long ago, so I felt pretty at home with the aerial shooting gameplay.
My big frustration is that the distant part of the aiming reticle blends in the with background, which can make landing shots a bit difficult. It might also be nice if there were homing shots, but I recognize that everything as it is now was probably complicated enough for game jam development window.
It's very professional and I could definitely see it being a release on the SNES!