use a series input resistor for voltage to current conversion.
People seem to be 'arguing' from different presumptions.
It's only 'open loop' if the source impedance is low, which isn't really 'open loop' but just a low feedback ratio (at the mercy of the source impedance). And it isn't low in the audio band because of the small cap shown.
As drawn the amp is no good for audio, unless you're doing some radical 'tone shaping', because gain peaks somewhere around 50kHz but, as someone noted, if you change to large value capacitors it works just fine for audio. That's a component value matter, though, and not a 'problem' with the topology.
A long time ago I whipped up a similar design using BC550s for a microphone preamp with, of course, larger cap values and, as previously mentioned, an input series resistor to set the negative feedback ratio at about 25dB with 35dB of gain (spice figures), switchable to 25dB gain.