I think the idea could work, I like how it looks and the lighting detail and attention to detail on the graphics. I think the increasing difficulty of the enemies and the upgrades keep the game having something new each time.
Even the idea you could use the money you got if you died, in a shop in the main menu to upgrade, this is also an idea that could work. Overall, I liked it.
I think it's actually a lot considering the jam time, I think it's an impressive work, good job!