It's a topic that comes up once in a while, usually when it's less relevant to the point being made. The short story [0] is that it can mean both literally or figuratively depending on if you use it literally or figuratively.

> We define literally in two senses:

> 1) in a literal sense or manner : actually

> 2) in effect : virtually

[0] https://www.merriam-webster.com/grammar/misuse-of-literally