Am I his back up plan?

I've been dating this guy for a couple of months and he wanted to make it official the first month which I thought was too soon, now I'm ready to label but he said he's not ready. He basically said he sees a future with me but his last relationship sucked and he likes being single. So I asked him if he wanted something open so we could see other people (trick question) but he said no he just doesn't want to label what we have yet and asked me to wait until he's ready to officially date me.

I'm very confused because he was the one that wanted to label it in the beginning and I asked him to be honest about not liking me so I can just get over him but he says he does care for me and loves being around me.

Am I just his back up plan? Should I cut him off completely?
Am I his back up plan?
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