First, to the OP - any pain you’re having (particularly if it’s as awful as you make it sound) is best diagnosed by a doctor, and not an online forum. However, since we’re here…
My two cents - I have experienced a similar searing pain in my toes (between third and fourth toes, left foot). I went to the podiatrist, had an MRI, and it was indeed a Morton’s neuroma. They made me custom orthotics, and it resolved itself. Fortunately, it’s not aggravated by cycling/my cycling shoes.
Cycling shouldn’t hurt like that. Don’t push through injuries because you’re used to suffering on the bike!