The highlighted lyrics were actually transcribed wrong - they sing: "...every time you turn around I lose my breath, I don't want to see you drown and fall..." My interpretation is that they're talking about their infatuation for a person, who evidently does not have much regard for their own safety, and how seeing that person hurt would be detrimental to the narrator. When they reference their loved one "dancing on the edge" they reference their love getting high off of (potentially) adrenaline which the narrator enjoys to see, but them indulging too much in that same delicious risk ("drown and fall") would lead to the not only heartbreak, but to their death and blood being spilled on the ground ("scarlet paintings on the bathroom floor.") Essentially they sing about a passionate love, while weighing the benefits of seeing the person they love being happy, with the inherent dangerous cost of that same happiness.