One is in a relationship or has a business connection, or holds some role in an organisation. For some reason which makes sense to the reasoner, s/he wants to take a time out to consider whatever.
Reality is a bit sharper.
Using the words ‘time out’ (or an equivalent phrase) is often heard and translated as ‘letting down softly’.
This usually leads to the other person/business/organisation finding someone else and content with the change.
In reality a ‘time out’ can be translated as ending.