First of all, I'd like to mention how much I liked the art and the general vibes! The characters looked really good, some of them were adorable (specially The Fool and the Innocent) , although I do have a little complaint: the lack of feet movement. It definitely works for the fool, but it looked a bit weird on The Hero. I guess it could have been due to time constraints, considering it's a jam, or maybe it was a stylistic choice. In that case, I guess it's subjective. Feet issue aside, the rest of the animations looked really good!
I think you did an amazing job making this game feel like an actual play and the theme of the jam was implemented in a perfect way. It feels like you either know a lot about the topic or you did a lot of research, and that's amazing and something I really appreciate.
The gameplay was definitely on the weaker side, and I wished there was a bit more, maybe puzzles (theather themed puzzles would have been awesome), but it doesn't necessarily mean it makes the experience less enjoyable. I geniunely enjoyed guiding the fool through these beautiful stages (some of the visuals were reaaaalllyy good).
While I didn't find the game scary, there were 2 particular events that were quite unsettling: seeing the fate of the hero, and the arrival of the antagonist.
I do understand that you couldn't implement many of your ideas due to time constraints (totally understandable), and it's also a demo, so it wouldn't be fair to be too harsh and critical of certain aspects I mentioned such as the lack of puzzles or feet movement. I also appreciated the "fake new game" and the talking eye.
But overall, I think this is a really solid entry, with beautiful visuals, an excellent implementation of the theme and a simple but really nice little story that definitely shows your knowledge about the topic.
Congratulations! You did a great job! : D