Yes , And I hated it till I learned if you set it in replay at options menu which it actually gives you infinite lives and continues . Also change shield colors red to absorb red bullets and blue shield for blue bullets was confusing . Ikuruga is very hard after the 3rd stage . But yeah, great game love it :)
Oh you can change from white and black to red and blue. Have it on GC and Steam. Might check Steam version out see if color change is option. I would prob prefer default white and black though. Game is a pain but I love playing it. Usually go by default live settings so never beat it and believe level 4 is farthest I've made it. Think there are only 5 levels.
My most fav though would be the 90s Raiden in the arcade. That laser beam kicked ass.