It is essentially saying "This place (burası) is really very cold".
If you just say "soğuk", the question is, what is cold?
English uses a dummy subject "it"; Turkish instead says that this location is cold.
I think you could also say "Burada hava gerçekten çok soğuk" (The weather is really very cold here), with the locative "burada" because now "soğuk" has a noun to which it can refer.
because my main languege is turkish i know the proper awnser i think. çok means very much , but! really is an awnser too. really can show how much somthings is or how much is the effect. so both awnsers should be expectable :) but still very is better because it ONLY shows value (im on an turkish class because i wanted to see how duolingo dealed with turkish)