Absolutely not! This person is either confessing their intentions of taking you for a ride even though they" love" someone else. Or they are giving you a heads up of how slimy they are and don't want to be held responsible for their actions after the fact
P.S. Don't believe the hype, no one mentions their feelings for someone else they once dated to the one that they are currently dating unless they are hinting at some thing. Thats just plain stupid to do. As a matter of fact it is insulting, I would rather the person suggest we take some time away from each other.