While I know this is a jam, I would highly suggest not putting upgrades behind a speed timer. It only allows for one play style and creates a snowball effect of difficulty. Once you start missing the mark, the game just gets harder and harder. The movement also felt incredibly floaty for a game about precision.
I loved the fracturing of enemies, it was a great way to visualize enemy health without having to stick health bars above them. The arsenal was perfect (primary, secondary, dash) and their limitations were fair, though I would have liked to see more diverse upgrades. Overall, great job!
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Thank you for the feedback :)
The difficulty only increases when you level up. So the snowball effect should not happen, but at some point, it is likely that not finishing an arena means the player won't finish any arena in the same difficulty and therefore no progress is possible anymore. So I do understand your point ^^
I am currently working on a better upgrade system with more diverse upgrades, more than one way to gain level ups (not tied to speed), and more impact of each upgrade :)