Alright, so this is pretty clearly taking a step back from your normal jam fare (at least judging by last year's May Wolf and Novembuck) of gameplay-heavy concepts and deciding to focus your efforts on a more in-depth story in the form of a "traditional" VN. I think this is totally fine - while I always found your ideas wildly creative, it seemed like you also never really had the time to pull them off in time for the jam, so doing something a bit technically simpler isn't a bad idea.
With that said, what you had in mind was still apparently a bit too ambitious for the jam since this is only the prologue of the story, with the demo ending as soon as we get our first traces of what is presumably the primary conflict. The thing is, I think you could've actually gotten a lot further along in the story in this timeframe than you did if you just focused the script more. To that end, I'm going to skip around a bit here and first dive into:
Story:
So let's start by taking a look at our leads and recapping what we actually learn about them in each of the opening scenes.
1) When they meet as children, Jacob is brash, impulsive, and outgoing, while Roberto is cautious, reserved, and methodical. Despite their differences, they become fast friends.
2) When they're teenagers, we see that Jacob is brash and impulsive, while Roberto is cautious and reserved. Despite their differences, they're still friends. Also Roberto might be gay. (side note here, but the way Roberto reports on his feelings to his mom felt... weird? Like they're supposed to be teenagers here, and kids are familiar with crushes and "like liking" someone way earlier than that. This exchange probably would have been more effective if Roberto understood what that feeling was and directly brought it up to his mom in the context of "I think I might have feelings for another guy" - she can still be supportive there and it would feel more natural)
3) When they're on their first adventure, we see that Jacob is brash and impulsive and Roberto is cautious and reserved. Also Roberto is definitely gay and very horny.
Right now, the leads' personalities aren't very deep, and because they're not very deep, we're learning the same information about them every time we see them. Their personalities still being a bit nebulous is fine for an intro, but I really wonder here if we needed all the flashbacks to them as kids and teens. Instead, we could just jump into the story while they're already on their first adventure and convey their backstory and relationship through conversation. You could still have the "mom I think I'm gay" scene, but just do it after their excursion to the mausoleum. By being more efficient with your storytelling, you get to the central conflict (presumably figuring out what the notes are about and avoiding people who don't want the protagonists to do that) much faster and the story in turn can feel more engaging and less disjointed.
I think the backstory scenes are reflective of a broader tendency to overexplain details. There was a particular line that really stood out to me when Jacob states verbatim: "We have done some of the basics of adventuring." Like, this just made me stop, pause, and really consider that we were essentially watching a tutorial mission. Having the initial excursion start low stakes is totally fine - but the focus of the sequence should be finding the mausoleum and its contents. We don't really need a lot of detail on chopping wood, pitching the tent, or cooking food. Even though the boar scene had some kineticism and intense music, I never actually felt any tension since (despite how super dangerous real life boars are) I didn't think for a second that anything bad was actually going to happen to the characters. Maybe this wouldn't have stood out as much if the story leading up to that point was paced better, and even could be useful for establishing how well the leads work together if we start at this general point in the timeline, but as is I don't think it adds much to the narrative.
Implementation of Theme:
Yeah, there's definitely something here, and we waste no time getting the folklore you've established out through the intro story. That folklore will presumably have an integral part in the narrative going forward (like through Adarna and Juan being gay for each other and showing the current protagonists that you can have a gay interracial relationship after all) so I think we're covered here. There are some things that didn't make total sense about the legend itself, but I'll hold those questions for now since they could be explained as part of the story going forward (skimming the script I did see there was an alternate version of the legend from the wolves' perspective, for example).
Presentation/Writing:
Starting with the good, I think the art looks really solid here. Ideally there would be more expressions for the sprites, but I understand that's difficult to pull of in a jam, especially when you're a one-wolf army. The CGs are well done though, and I think the sketchy style of the BGs/CGs used for the intro recounting of the legend suit the oral tradition vibe really well. There's also some creative sprite manipulation to convey movement - it's not the most ostentatious example, but I really like the detail of the birds lowering before they take off.
Writing here was mostly decent, though there were still some proofreading errors and awkward phrasing. Just to provide one example, Jacob "exhales complainingly" - maybe "sighs dramatically"? "groans and wipes his brow"? There are these moments here and there, but I think you've still dramatically improved in your clarity, at least since Afterparty. Your writing definitely continues to improve, but an editor would do wonders for you if you can snag one.
As a final note on the writing, I feel like this story might have been better served by switching the perspective to first person, from Roberto's point of view. For most of the story, we're only getting his internal thoughts anyway, so having him also be the narrator might make it easier to immediately recognize what's just a thought and what's actual dialogue without relying solely on the presence or absence of quotation marks. For the only current scene that's not from Roberto's perspective, you could just shift things around so Roberto and Jacob go see Tony together or something.
Creativity:
There's definitely some creativity in the worldbuilding you've created for this universe, including its politics and legends, though unfortunately we only get a few glimpses into this in the current build. In the prologue, this mostly takes a backseat to the relationship tension between Roberto and Jacob, but I have to echo Gatr's sentiment below that the way this is currently handled isn't super interesting on its own. "Uh oh I like my friend but I don't know if he likes me back" just feels very basic for a May Wolf plot, and I spent much of this VN really hoping that there was going to be an A plot to provide more of a hook. We did get there, or at least somewhere close, but then the demo ended.
So, ultimately, I think we have a good start, but I would definitely like to see where this goes with a little tuning up outside the jam pressure.
I'll rate this 4 conveniently placed waterfalls out of 15 rainbow feathers that were actually gay all along.