Ok right off the bat, this game looks astonishing visually. I dig the cel-shaded cartoony style graphics. The UI is also fantastic. I think this game definitely deserves 5/5 stars for art.
So this is an arcady flight simulation game. I'm guessing that you drew inspirations from games like Star Fox and Ace Combat for this one. Now i haven't played many games of this genre so my thoughts may not be so accurate but i also made a flight simulation game which is not even remotely good as this one. I got some first hand experiences from there. The main issue i had with this game are the controls and movement. You can maneuver the plane in the vertical axis by w and s, you can rotate the plane by roll keys, a and s. You should have also added the "yaw" controls which is the ability to move the plane left or right. The lack of yaw controls make the targets difficult to hit since you cannot aim accurately. Target locking is activated when you come too close to the target. I think you made it to prevent spamming rockets and easily kill everything but right now you need to get way too closer to the target to lock on target. I think lock on should be activated a little further away from the target
There's too much light and particle effects going on in the screen, it could be distracting and confusing sometimes. I managed to beat both of the bosses. Game isn't difficult once you get the hang of it. I would personally prefer that you dogfight against ace pilots or something or gigantic airships/fortresses like Ace Combat but i like these enemies as well. They remind me of shadow of the colossus bosses.
I think this is a great game and i like it pretty much. It's a bold decision to make flight simulation in a game jam. Most people play much safer(like me)so i really admire you for that. Keep making good games and good luck!