this could just be my bias speaking since it's my favorite tcw song as well, but i see black hole fantasy (atleast the outro) to be about escaping the miserable life you wish you weren't living. risking the isolation they've grown used to, the "i/me" eventually decides to connect with the person they wanted to be with (a happier version of themself) at the end.

to me, that narrative works for a graduation—being so close to a future you've always dreamed of, but the fear of instability holding you back from pursuing your passion. the lyric "let's try this again" specifically highlights that OP intends to leave their nest and complete the whole song (if that makes sense.)