Lyric discussion by MlLK 

Cover art for Wasted lyrics by Low Vs Diamond

I feel this song is about wanting to leave someone and finally leaving someone even though you still love and care for them and it hurts to let go, but at the end of the day, you know you're going to be happier without them.

"I know that it burns, it's alright"

But he's also having second thoughts. I guess that's how love is.

"Should have let you stay"

My Interpretation