Thanks a lot for the feedback and the log, that’s very helpful!
It looks like the itch.io app's sandbox mode is messing with the permissions, which is why Windows is throwing that "Access is denied" error.
I'll push a fix for this as soon as I can. In the meantime, you can easily bypass it by launching Fading Visage.exe directly from the folder on your desktop, or just by turning off the Sandbox option in the game's settings inside the itch app.
Thanks again for catching this, really appreciate the support!