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May 3rd 2023!⃝This song is based on the world of the Hunger Games. When the song mentions being children and pretending, it refers to Katniss being younger, such as when she would sing the hanging tree and play with Prim. It also refers to the fun she would have with Gale in the woods. When the lyrics talk about her stepping into a cruel world where people keep score it refers to her becoming a tribute in the hunger games. Everybody is watching you, waiting for you to "break down" and waiting to see what happens ("the fallout"), you have to constantly be on edge and be aware of what is going on around you. Even when Katniss is asleep, she always makes sure she can keep herself alive in the games. Then the song talks about how Katniss is still there, on guard. Nobody expected a girl from District 12 to get as far as she has. She's keeping herself safe, even when she's surrounded. She has something nobody else does (her strength, her will to go home, her knowledge, her ability to act as a 'star crossed lover' with Peeta, etc) and that can keep her alive as long as she stays on guard and 'keeps her eyes open'. The bridge of the song is most likely about the ending of the games, when it turns to night and she has to keep herself and Peeta alive, just so they can win the games.
All in all, this song is a good way of explaining Katniss' head while the games are going on. This song also is a good metaphor for growing up, being a kid and growing up. How you start off happy, playing and then get pushed into a world where everybody is waiting for you to screw up, and how it is so hard but you can get through it.