I don't think that this song manages to transmit any firm or definate message, and so is rather flawed (though it's an excellent piece of music). I have considered a few possible interpretations, but, as I'm not in the head of either Ben Goldwasser or Andrew Vanwyngarden, it would be presumtious to claim any proper conclusion, and, as such, this theory can only serve as hopeful speculation.
I think that this song is about how one should chose the preferable lifestyle of living fast and with excitement, rather than being tied down to working a monotonous desk job. This preferable life is besmurched by the tag of "pretend" by those who would have us believe in things like "soul" and "greater meaning". The song's title "Time to Pretend" is an ironic joke, reflecting on the pretentiousness of these "spiritualists", and their uninvited intrusion into the lives of others.
In the verse where the protaganist pines for his previous life, it is showed as being just that: previous. How could he possibly go back to "digging up worms" as an adult? He cannot revert to this life, irrespective of his current occupation. If he did not lead a fast and exciting life, he still wouldn't be able to return to his old home and self, so he might as well have fun. This would suggest that the meaning of the song is nihilistic, and also therefore hedonistic.
These subtle clues left for us in the song show that a short, hedonistic lifestyle is preferable to a monotonous and dull existence.