Should I cut ties with him?

LTDR; I met a guy. Really liked him. We went on a few dates and I spent one weekend with his entire, family for his sister's wedding. Asked what we were doing after the wedding. He said he really liked me but wanted to stay friends. Like an idiot, I believed him but still thought okay maybe we can stay friends and see where it goes. We've flirted a bit, he was showing signs of wanting something more. Today, 3 months later, he's telling me that he met someone but is confused because ( He's met someone new and is unsure if they're right for him. He struggles with allowing himself to feel deeply blah blah). My question is, do I stay friends with him or cut him off?

P. S I really feel like an idiot and I just wanna block him and erase him from my life but I don't know if I'm overreacting.
Should I cut ties with him?
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