Translation:Please follow me!
Does this only apply for the sort of social network following? Or does it also work in a real life setting?
Yes it only applies to social network following. In real life, one can say "请跟我(走)" if one were to lead and ask someone to follow along.
It would sound out of place and weird in real life. It's better to only use it for online things.
It also means "to pay close attention to". Wiktionary gives this example:
Àoyùnhuì de shíhou, wǒmen guānzhù jīnpái de yùndòngyuán. [Pinyin] During the Olympics we pay special attention to gold medalists.