This run uses two glitches.
Item room skip: You can skip both rooms that spawn waves of enemies in exchange for an item by hugging the walls tightly. This can be done in at least one other "locked" room type that I know of, but it doesn't work for most rooms.
Tornado invincibility: There's a flag to make the player immune to enemy/trap damage that turns on when you use the tornado standard arcana. If you interrupt it in certain ways you can keep the invincibility for an entire stage. The easiest way to do this is to grab a buddy and pause during a tornado in local co-op. Online co-op and singleplayer pause menus function differently, and do not trigger the glitch. This also appears to loop the tornado sound effect for the entirety of the run, sorry about that.
Mod Note: Resubmitted with a time of 11:48 since the IGT works correctly now.