The speaker is trying to win back a partner after mistreating her and losing the relationship. He admits he played around, lied, and made her cry, and now feels lonely and regretful. The emotion moves from confidence in his effort to return toward a direct plea for forgiveness, though he cannot know whether she will accept him.
โWorking my way backโ makes reconciliation sound like a long journey: he still has distance to cover before he can be โhomeโ with her. โBurning loveโ suggests a strong, intense feeling, while โpaying every dayโ means he feels ongoing consequences for his past behavior. The idiom โhave my cake and eat it tooโ describes wanting both freedom to flirt and the security of his partnerโs love.
The apology sounds sincere in places, especially when he admits that his behavior was not truly manly and says he is sorry for lying. But there is some ambiguity: he emphasizes how much he misses her and what he could โwin,โ so his focus may be partly on getting the relationship back, not fully on the hurt he caused. The lyrics express remorse and hope, but they do not tell us whether he has changed or whether his partner will forgive him.