They have threatened to end the relationship one too many times (compared to having a “last dance”), and it has to end now.

Since trust has eroded in their relationship, all they could do was take chances on each other’s word, not knowing if they were being told the truth or not.

He tells his ex to take everything she can from their experiences with each other and use it to protect her in the future, as he won’t be there to help her.

Looks like an S&M reference at first, but actually refers to when people sometimes thrive off of “drama” or emotional pain, sometimes even inviting it or “asking for it” as the narrator does here.

Aaaah, young love…

The narrator says it’s likely that a primary reason he and his ex-partner became closer over time was because she became clingy and dependent on him.

However, those two proverbial “lightning bolts” wound up eventually cutting off the ex-couples' communication with each other, as the “sparks” that fly when couples first meet (or lightning strikes) are blamed for this.
To make matters worse, their eyes were shut, so to speak, only adding to the “darkness” and lack of insight into each other.

Love at first sight is compared to lightning striking twice in one spot, as they are both very rare and sometimes lucky.

Voss closes the song by admitting that he’s still young and doesn’t have all of what he discussed, or life in general, figured out yet, but he is sure that he cannot live without the art he makes and loves dearly.