I'm impressed with this game so far despite it still being a work in progress as I post this comment. The music is lively and invigorating, the visuals are also great at articulating the world of the Hololive, including Shiranui Flare, Usada Pekora, Sakura Miko, and Houshou Marine in order of appearance. Where it needs improvement is the game mechanics. It would be great if:
1. The invincibility frames were composed of the player flickering instead of completely going invisible.
2. The player could still shoot when the invincibility frames were triggered, since being hit consecutively stops the player from shooting entirely when there are too many enemies on the screen, allowing enemies to take pot shots at the player and get away with it until the player is defeated
3. Shooting down Usada Pekora's carrot missiles didn't become virtually impossible as it reached certain heights milliseconds after being fired
4. The gap between Sakura Miko's flower attacks was increased slightly to account for player error
5. Shooting arrows and/or bullets was automatic like the projectiles from the jetski
6. Players were told the projectiles from the jetski were automatic
7. Players were told upfront that the bow does more damage per shot than the pistols
8. Clearer instructions were given about level specific objectives like 'light all the candelabras'
9. There was a pause function.
10. The game stages didn't speed up exponentially in certain level panels after typing in the comments section on Newgrounds (I was surprised that was an issue, but it starts and stops inconsistently as I type and gets worse the longer I type without refreshing the page).
11. There was a way to reset the game completely without deleting web browser cookies or history (I forget which).
I understand if some of the difficulty conveyed in certain mechanics or the mechanics themselves were deliberate, since you made it clear this game was inspired by original Megaman games (which were difficult by design and due to technical limitations), so go ahead and keep that difficulty where you see fit. But remember that not everyone got to play the original Megaman series and may not be privy to how those original mechanics worked and their associated tropes.
I look forward to seeing more in the future.