And I'm feelin' it right now, cause it's the time when my heart got shot down
It in this scenario is the pain of a tethered relationship. This feeling is justified by explaining how his heart was shot down which is further emphasised by sending off a batch of laser-like sound effects after this line.
Kanye’s use of the here to describe the time is effective as he is insinuating this is obviously not the first time his heart was shot down.
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