Am I wasting my time with him?

I’ve been dating someone for 3 months now. I recently asked him what we were doing and if we were going anywhere. He told me he doesn’t know yet and that he feels like he needs to get to know me better to be sure of a title/serious relationship. Our conversation got pretty heavy and both of us were very emotional (crying/sad, no anger. Very mature convo) He’s afraid of hurting me / being hurt. Doesn’t know how to be vulnerable, yet has feelings for me and wants me to stay around. What should I do? Do I wait and let him see what he wants? I already know I want to be with him. Am I wasting my time/disrespecting myself by waiting? I already have so many feelings for him. I’m afraid to let go and I want to let him figure himself out, but at the same time, I can’t help but wonder if I’m doing the right thing.