It's a shame the track is struggling, but I think The Velvet is a good mini overall. I wasn't expecting SM to combine an OST ballad and a slow jam into the same track, so that was a pleasant surprise, although I prefer both the De-Capo and Joe Millionaire versions (the latter is my favourite) because they lean more towards the slow jam side of the spectrum.
"Cool Hot Sweet Love" is a really interesting listen, although the chorus feels out of place. Ironically it's the weakest part of the track, but it's sounding better with more listens. I feel like the rest of the track provides very promising leads as to where the Velvet concept can be taken in the future (if SM doesn't completely abandon this side of Red Velvet

).
"Light Me Up" is great, my favourite of the mini at this stage. There's so many production quirks and they sound great vocally, too. I'm not sure if it's because the song is new, but I feel that it might match "Automatic" in quality. As I discover and notice more about the song it might even be superior. But we'll see in a month's time.
The other two songs are nice but I don't have much to say about them. They're not nearly as interesting to me as the other tracks.