I don't care what your major was, go argue it with Merriam-Webster.Do you see your mistake now? You erroneously claimed "Literally also means figuratively, bro." Literally doesn't mean figuratively. The word 'literal' can be used in figurative statement to emphasize something that is not literally true.
The two words are not synonyms. You can use any word figuratively. It doesn't make those words synonyms with the word "figurative."
You're not speaking from authority on this matter. I am. My major was linguistics. What was yours?
"in effect, virtually" is how the word is defined. The example is literally being used as the word is defined.