Now that you have decided to resign, there is no need to worry so much. If you resign, others will naturally resign, and people without plans will not follow suit casually. You can tell the teacher frankly that you can't find a balance between study and work, and you can't have it both ways. I believe the teacher can understand you. If you are really embarrassed to talk, you can talk to your parents and ask them to help you talk to the teacher.
But personally, I think this kind of thing is better for you, and it is also a kind of exercise for you, because when you step into society, you must learn to refuse others, not that it requires courage, but that it is a kind of learning.
Teachers won't hate you. Don't talk about depression. It's too exaggerated. Just tell the truth I believe the teacher can understand you.