I am not experiencing something traumatic for the first time that you've experienced multiple times. That is the what the meme implies.

That is not what the meme implies at all.

James Franco "First Time?" is a memorable quote by an unnamed cowboy character about to be executed on the gallows in the 2018 Western film The Ballad of Buster Scruggs, portrayed by American actor James Franco. Since the film's release in November 2018, a screen-captured image of the scene has been used in image macros as the punchline to jokes about one's inexperience usually to emphasize an uncommon or ridiculous occurrence in normal society that has become a regular occurrence in a community. - knowyourmeme.com