What even is Exclusively Dating?

I met a guy a few weeks ago and we get along really great. We had a conversation today via text where he asked if I was OK with how things are between us? It ended up me saying yes I was OK but sometimes felt a little disconnected and I didn’t know what was going on. He replied ‘I’m sorry you feel disconnected from me at times. We’re both busy so things seem to be working for both of us. I really like you alot too & being in your company. I’m ok with the way things are. I just have to honest & say, I don’t want to jump into a relationship. I don’t mind exclusively dating if you’re ok with that. I got out of a relationship recently & with how things are with not seeing each other often & both our busy schedules’

I agree with not jumping into a relationship but I can’t help but feel rejected and that a relationship will never happen for me, I am making it mean that he doesn’t ever want a relationship with me. I don’t know how to act or what the difference even is between a relationship or exclusively dating.

I am trying to come up with an intentional model as I would like to continue with how we are but can’t move past nobody will ever want a relationship with me.