Congrats on releasing your first VN! There are a lot of creative touches in this one, as well as an impressive amount of art for a game jam project.
As a horror piece, I'm afraid I found a lot of it to be more silly than scary, though. I'd say it primarily suffers from being always at either 0 or 100; the first half has a fair amount of quick jumpscares but not a lot of careful, atmosphere-building setup. In contrast, the back half is doing so much it comes off as a bit over the top with its stark red-and-black color scheme and wild twists. How the loop plot point is handled is a great example – at first, the characters feel quite unbothered by having found themselves in what appears to be some kind of anomaly in spacetime, only for things to escalate to them yelling in all caps pretty abruptly. Largely absent is the kind of creeping tension that makes you anticipate what kind of horrifying stuff will happen next. Some of the images border on goofy, too, especially the Julian sprites where he has extremely prominent dark shadows around his eyes.
There is also a lot of political messaging and language that feels a little out of place. Comparing the supernatural horrors to Donald Trump's re-election rings hollow because those two things just aren't really in the same category; while possibly resonant on an emotional level, I don't think it's the right kind of image to put in the reader's mind. Meanwhile, when a serial killer's backstory is discussed, characters throw clinical terms like "internalized homophobia" around, making it feel like they're posting about it on social media instead of experiencing a stressful situation in real time.
As a result of all this, the game is often literal in a way that comes off as detached, not visceral; good horror can, I think, afford to explain itself less and lean more on metaphor. There are other places where the story is blunt to a fault, too, such as the prophecy that comes true so precisely that no ambiguity or mystery remains and the detail of the protagonist being a writer that only seems to amount to bland metacommentary.
It's neat to get three separate endings, but they're all somewhat abrupt. The first opportunity given for Xander to run away feels like a non-sequitur if you haven't read the rest yet, and one of the other endings speedruns a romantic plotline that doesn't quite justify its inclusion or feel like a natural development in light of what the protagonist has just gone through. It feels like the VN might have bitten more than it can chew here, and a simplified structure could have helped the finale land harder.
I do like how ambitious the story is, even if it did miss the mark for me sometimes, and hope at least some of this will read as useful feedback.