The first part of your task is to destroy the cake bomb within 28 moves. That will eliminate the dangerous candy bombs so you no need worry about them as long as you focus on the cake bomb. You stand little chance of completing the level unless the cake bomb is destroyed within 28 moves in any case.
You might nevertheless get an opportunity to do some work in the liquorice/bomb section, but only do so in the first part if it might help with cake destruction.
Ingredients will drop at the requisite times regardless of whether you have moved them through the system, so "one-by-oneing" them achieves little. However, it gets harder to clear stuff through if you have all three bunched up and active on the right side of the board. In any case, you should hope to be more advanced than that when the second and especially third ingredient drops.
Horizontal stripes are your best friend on this board, although if you get lucky with a striped/wrapped or striped/colour bomb combination, thank your lucky starts before activating the combination. Right at the end, wrapped/colour bomb is also a useful combination.
Take care not to get an ingredient stuck at above the bomb dispensers - that adds a lot more difficulty.