Haven't seen that before. Looks really cool! I typically don't really care for circus cliches in horror, but that one seems to have its own take on the theme. One that works too.
The parallel world in Termina plays on the typical Silent Hill nightmare world trope. It's not the most original idea, but I like some lore implications it has in the full version of the game.
I kinda like making games on a smaller level. I'd imagine that making big AAA games equals making a lot of compromises. One person simply can't control all the aspects of the game and thus the vision gets diluted. More people on-board, the more diluted it gets. That's my theory anyways. Can't know for certain until I'd have some experience in how the big people in the industry make games.