I feel it describes a toxic thing I had in my past, only difference is I'm the guy in the story, but a girl irl.
And here's how I see it:

The moment she asks to see him even if it's at "quarter past two" he'd be there, he has long agreed to being a slave to her desires unknowingly as he is "blinded by her love"..
and "I'm on my knees" is an indication for how powerless he is around her, despite his strong urge to just refuse doing anything sexual she'd ask for, he'd still do it, it's her only reason for wanting him anyway.
He never denied that he doesn't like their affair, he's "addicted"as he gets a "taste of heaven".. Yet, he finally came to the realization that it "inflicts pain" to his heart as he knows that to her, he'd never be anything more than just a sex material. "In the morning, you're not holding on to me"

In one of the nights he had with her, he decided to finally confront her by 1st confessing his feelings for her after which he says that "this is the last time baby make up your mind.." and he finally gains the ability to refuse sleeping in her bed telling her that it only messes up with his head.. Then out of desperation he offers to actually get in bed with her ONLY if she tells him that she loves him back. "Before I slip under your sheets, can you gimme something please?".
"I'm your one & only, only when you're lonely" at night when she calls for him coz she's lonely without him, she'd say romantic things that she never truly meant like "you're my one & only" and when she's done with him, she'd treat him like a total stranger.
He doesn't want that anymore, to feel really good with her every night on bed & miserable everyday, that "temporary bliss".

And here's how it ended with me:
He, (or she, in the song) was honest enough to refuse saying "I love you" when he doesn't, that or he fears the thought of being responsible & dedicated in a relationship. Yet, he demanded to continue using me, saying he knew that I liked it, and I needed to get over my feelings for him, and I'll regret leaving if I do. And when I insisted on never seeing him again, he said that.. If it won't be him, someone else is gonna do the same to me, coz I'm nothing but a sex toy in the eyes of every guy.

This has happened 3 years ago. Thanks to that, I refuse getting into a relationship with anyone until today.