I'd be very surprised if player and enemy graphics are realtime 3D. Those look very much like typical sprites where you use different sprites for different angles.

The player ship rotates, but it only is 'rendered' at a handful of angles. This is a very common technique, but here they've used an art style to make it look like realtime 3d.

It's like stun runner on Lynx [1]. The Arcade stun runner was polygon based; but the Lynx doesn't have a chance, so there's just a ton of sprite options for rotation and a lot of work to make it look the part [2].

[1] https://youtu.be/4PEAzBtaStk?si=QXWf9KDUBjQRgoDh&t=204 [2] https://forums.atariage.com/topic/194231-lynx-stun-runner-3d...