Congrats, you finally made me create a YT channel! (I've been procrastinating on that for awfully long time, don't ask why, I don't know either at this point).
Since I did not record my original run, I had to finish the game again. Video includes all attempts done in one sitting, without any cuts.
About enemies exploding into bullets on death (or shooting on death): wouldn't make much difference IMHO. Right now the challenge of "speedrunning" is more about just avoiding any and all bullets or obstacles because getting hit resets your speed. You could theoretically get much much more silly times than the one I got if you were to skillfully dodge the bullets.
As you can see in the video, I constantly get hit. It's just that my strategy relies a lot on invincibility and checkpoints.
It is still fun as it is, there is still some degree of challenge. I have not trivialized the game to the point where it's not fun to play, so it's all good.