When should I cut him off?

I met this guy in April 2019 and we really hit it off. I found myself being open with him in ways I never have before and vice versa. We spent every waking moment together and got really close. In September he told me he wasn't ready for a relationship but despite that we still hung out. Anything I needed he would do for me and he considers me to be his person. He tells me he loves me and I mean alot to him. He allowed himself to be vulnerable with me and he said that I have an effect on him that he hasn't had in a while. We had a gift exchange for Christmas and I met his mom. I did not get all of my gifts and recently got the last one today. I thought that because of his actions, maybe he changed his mind and did want a relationship. When I asked him a few days ago, he stated that he still wasn't ready for a relationship and it crushed me because I was confused because his actions said one thing while in his mind he still "is not ready". I accepted it and said we could be friends but it has honestly been killing me and now I know I need to cut him off. My feelings are too strong to be just friends with him. I'm a bit hesitant to cut him off today because I just got my last gift (a fitbit) and I think it would be rude to do that after receiving it. What do you guys think? When should is a good time to cut him off? I need to start to heal.