Ok, so there are a list of issues, Nine0Wands probably put it better than I ever could, but here's my two cents on it. After the update, I can see that there was some effort put into balance, but here's what I would say as someone playing the game.
First in terms of presentation- there's some cool asset work at play here, though I can clearly see some stock material in there (there's a certain logo I'd suggest removing in your next iteration). The character controls well and is reasonable responsive.
There is disbalance of progression between the player and the enemy. Even when the player can double up their attacks, the enemy's bullets grow quicker, and last for far longer. The player's bullets have a distinct range that gives the enemy such an advantage that the player is not going to make up the gap.
If you revisit this, I would suggest finding a way to give the player more varied power ups than health- say increase their velocity or even give them additional shooting points to provide them with better coverage. The best suggestion I can offer, however, is to give the player's bullets one screen space's worth of range- screen coverage is very important for these bullet hell types of games.
You also have a really neat mechanical idea with the red bullets. Unfortunately, they tend to spawn in with yellow bullets. If you're going to include a parry mechanics, perhaps it would pay to spawn more red bullets so players have a chance to adjust and utilize the mechanic in question, or better yet, have their parry shield block the yellow bullets- otherwise, the parry mechanic is functionally unusable.