The man of culture meme usually comes in two forms. It can be a self-contained joke with words used to set up and deliver the punchline. It can also be used as a response to a comment, in which case it can be taken literally, ironically, or even sarcastically, requiring context clues to decipher the true intent.
Most directly, the phrase is supposed to be read as, “There’s no place like home.”
This is a reference to IP naming conventions and the localhost (also known as the home network), which is typically given the default address of 127.0.0.1.
It’s basically a pun that plays into this basic bit of networking knowledge.