I am a big fan of this idea. The environment seems to act more like a demo of the spellcraft; something to interact with by necessity. This is fine. The idea; however, is incredible. You could choose to lean in more heavily with the coding aspect, which would provide more freedoms in creating spells. Alternatively, you could condense common routes into secondary runes to lean more heavily towards the magic aspect.
Obviously, as a class project, this game is not complete, but I can easily envision multiple variants on this I would pay money for.
I would recommend looking into Opus Magnum (a coding-based strategy game that uses alchemy as the theme. Should be obvious as to why) and the "Making a procedural crafting system" video by Youtuber Quantum Developer, for considering balancing some of the spells the game currently has (or will, if you so desire.)