I don't think that the lyrics have that broad a meaning to simply encompass all teenage life/love- not everyone lives their teen lives like this? I took it more as a song to a girl who is pretty miserable with the live she leads, and tries to make things better with parties and drugs but gets too caught up in it all. He is just reminding her that they're not bad people for trying to make up for the shitty parts of life with fun 'wild' parts, but they do have to cool their heels sometime, or they'll never get out of the circumstances that made them so miserable to begin with.
I don't think that the lyrics have that broad a meaning to simply encompass all teenage life/love- not everyone lives their teen lives like this? I took it more as a song to a girl who is pretty miserable with the live she leads, and tries to make things better with parties and drugs but gets too caught up in it all. He is just reminding her that they're not bad people for trying to make up for the shitty parts of life with fun 'wild' parts, but they do have to cool their heels sometime, or they'll never get out of the circumstances that made them so miserable to begin with.