Some dictionaries have defined terribly as simply meaning 'very' but surely it only (sort of) means that in bad ways - terribly burnt, horribly disfigured.
However some (radio presenters again) use them as I would consider wrongly - terribly good but not of course horribly good.
Awfully good or bad could be correct both ways because of its original and present meaning.
I wonder who started using awful to mean bad.
As you say, probably not (often!) "horribly good", but one sometimes hears things like "horribly precise" or "horribly efficient" etc. - but I think that then usually implies 'OTT', rather than just 'very'.
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