I would rather regret than make do with it. I'd rather leave regrets than find someone to be with. Many times, this is used to describe a person's attitude towards love, preferring to miss it, leaving regrets and not looking for anyone casually.
Put together, it is more about expressing a concept of love and a choice of lover. I don't want to make do, I don't want to find anyone casually, but I'd rather be alone.