The idea is super fun and I like the old school 3D art style. The camera was confusing sometimes and at the end of the race my bug is always running out of boundary and clipping through the audience.
It would be cool to name our ant so it is not just "Player" when the camera show the names.
There was no sound design at all. No crowd cheering, not UI click sounds in the menu, no funny animals noises. In a game where is no actual gameplay and you just watch an ant running, audio can make the experience a lot better. There was a song though, but it was always the same. When using free music, there is always the chance to just use multiple songs and trigger them randomly, so every race has a new song. The song you used was fitting and cool, but the audio quality was bad, there was an audible noise floor. The recording needed a de-noiser for sure.
I hope you continue working on it after the jam and expand the ideas.