I'd call it more of an R-Type analog than a Contra analog personally. Either way though if it plays like it looks than it might be a nice little fun distraction. I doubt it would make me obsess over finishing the way Contra sunk its hooks into me.
The argument against Contra being the analog is pretty simple, Contra was a combination of a sidescroller plus a few levels that were an NES era attempt of making a semi-3D corridor and the hellish Waterfall level which was the beginnings of games that totally could destroy friendships. By which I mean a player could easily fuck the other guy over by way of making the level scroll upwards as the other player was at the bottom of the screen thus killing them off by way of being caught below the visible area which meant instant death. Also players stealing that spreader shot powerup when they already had one... AKA Spreader shot cockblocking.
Yeah, I don't see the comparison to Contra at all, but I'd definitely say R-Type/Super R-Type is more of the spiritual predecessor.