Sadly no. I installed the update and now it's just a purple screen with fire the spins around likes it's on a raft.

The development of Raft moved to Steam more than a year ago. Raft prototype available here on itch is no longer update nor supported.

If you want the current version, you can find it on steam here: https://store.steampowered.com/app/648800/Raft/

As for the issue is most likely graphics card related. The prototype requires DirectX 11 compliant iirc. If you're running laptop with integrated graphics chip, it probably doesn't (fully) support DirectX 11. Do note that just having DirectX 11 installed does not mean your graphics card supports it.

Find out what model graphics card you have and check on the net what DirectX version does it support. You could also try updating your graphics card drivers.