Really fun game and awesome idea!
My main problem, which became apparent on the third level is that I start the mouse button press the moment I see I visually have the bow, but for some reason theres a delay, and since the pulling back isn't super obvious I realize a few seconds in that I'm not pulling it back which is valuable lost time.
The bow gravity thing wasn't a problem for me cause once you learn it (which is quick), imo its fine.
The other main thing is keeping track of the wall coming in, since turning around to look is valuable time, so having some indicator, or like a togglable backwards cam view kinda like portal has would be helpful in this situation. Also cause its hard to tell when the other player is close to being killed by the wall.
The main thing is visual feedback, such as sounds and visuals for things like picking up a bow, hitting the button, and interacting with a button. Something as simple as a sound effect can add a lot. The screenshake on the button press feels a bit off and over exaggerated here, and doesn't visually make sense to the button pressing, although it does make more sense as the door moving. So maybe something else for the button, as well as toning down the shake.
The switching is a cool visual and sound effect, but the fact that you can glide/move during the transition, although cool, is not clear or explained, even though it seems quite intentional since you have to use this to your advantage, I would expect stopping the player you just left instead of gliding off camera once you're not longer viewing as them would be better. This also caused me confusion to start with since I would glide into the lava on the character I had left, and then not realize why I had lost, since there isn't any explanation or sound as to the reason you lost, and more so where you lost (if it was the other player)
Other than I really enjoyed the game and liked the intense speed nature of it, nice job!