Is this Waking Dream spell balanced?

This homebrew spell for dnd 5e is based largely on the Scry spell and the Dream spell. Conceptually, I wanted something that functions similarly to the "force-bond" that Rey and Kylo Ren share in the Star Wars sequel trilogy.

Is this spell balanced? Are there any class lists that shouldn’t have access to this spell? Are there any notable exploits?

Note that the spell only functions while both parties are conscious, making long-distance assassinations difficult. Similarly, the wording prevents one from casting a high-level Witchbolt and continuing to apply damage after the Waking Dream ends. It would allow a dangerous spellcaster (like Strahd) to solo one party member down to unconsciousness, but that shouldn’t be deadly, especially if surrounded by friends.

Waking dream
5th level Illusion

Casting Time: 1 minute
Range: Special
Components: V, S, M (a focus worth at least 1,000 gp, such as a crystal ball, a silver mirror, or a font filled with holy water)
Duration: Concentration, up to 10 minutes

You step into a creatures vicinity, visible and tangible only to them. Choose a creature known to you as the target of this spell. The target must be on the same plane of existence as you, and you must both be conscious when the spell is cast. If the caster or the target becomes unconscious, the spell immediately ends. The target must make a Wisdom saving throw, which is modified by how well you know the target and the sort of physical connection you have to it. If a target knows you’re casting this spell, it can fail the saving throw voluntarily if it wants to be contacted.

\begin{array}{|c|c|}\hline \textbf{Knowledge} & \textbf{Save Modifier}\\hline \text{Secondhand (you have heard of the target)} & \text{+5}\\hline \text{Firsthand (you have met the target)} & \text{+0}\\hline \text{Familiar (you know the target well)} & \text{-5}\\hline \end{array}

\begin{array}{|c|c|}\hline \textbf{Connection} & \textbf{Save Modifier}\\hline \text{Likeness or picture} & \text{-2}\\hline \text{Possession or garment} & \text{-4}\\hline \text{Body part, lock of hair, bit of nail, or the like} & \text{-10}\\hline \end{array}

On a successful save, the target isn’t affected, and you can’t use this spell against it again for 24 hours.

On a failed save, an illusion of you appears in view within 10 feet of the target, while an illusion of the target appears in an equivalent position relative to you. Both illusions mirror the actions and words of their image. Only you and the target can see, hear, and interact with these illusions, and both you and the target have no perception of the other person’s true surroundings.

For you and the target, it is as if the other were actually there, including for the purposes of attacking, targeting spells, and other effects, though other concentration spells cast end if the target is no longer in casting range when this spell ends. Any damage taken by the illusion is taken by its mirror creature. Objects can also be transferred from one location to another with this spell if they are on the illusion’s person when this spell ends.

Finally, should any edits be made to wording to make this spell more clear?