> Hyperbole, yes, but the word is often used in a sense that is semantically identical to "figuratively".
No, its used as an intensifier when the fact that the usage is figurative is implicit, it is not used in a manner semantically identical to figuratively. (When used in this way it is used figuratively -- to mean "almost as if literally" -- but it is not used to mean "figuratively". That is, without "literally" in the same context, the phrase would already be understood to be figurative, the word "literally" is not communicating the meaning "figuratively", it is communicating something about the already-figurative use of the word modified.)