Peter had used the same word in 1 Peter 4:2 (human passions
). In that verse the word was a catch-all term to denote the desires of the fallen human heart. In the present verse the word functions in a narrower sense, namely, as a parallel to debauchery and orgies. So it speaks to hunger or lust that plays itself out in debaucherous conduct.
3 For the time that is past suffices for doing what the Gentiles want to do, living in sensuality, passions, drunkenness, orgies, drinking parties, and lawless idolatry.