I know the difference between it and that, but what does that mean in the sentence below? Does it mean the same as it?

I reach for the phone,
I don't know who to call.
That excites me.
Starving for days,
I've been told it's a phase,
But they don't see.
That I'm holding on to something that I don't seem to catch
Now I've been following the streams along,
But nothing never last.

Source: Wake Up Alone Lyrics