"There is no place like" has two meanings

Solution 1:

To answer your original question, it means the same as your first interpretation, and cannot be misunderstood to mean the second one because "there is no such place like X" is not a phrasing used in English. The correct phrase to indicate that X doesn't exist would be "there is no such place as X".

Solution 2:

The best explanation of the English idiom "There's no place like home" is "Home is unique" or "Home sweet home."

The phrase originated in a poem

Mid pleasures and palaces though we may roam
Be it ever so humble, there's no place like home
A charm from the skies seems to hallow us there
Which seek thro' the world, is ne'er met elsewhere
Home! Home!
Sweet, sweet home!
There's no place like home
There's no place like home!

The phrase was also used in the Wizard of Oz as the incantation to send Dorothy back home to Kansas.

With the poem talking about both how unique and sweet home is, we may safely say that the first interpretation is correct.

Solution 3:

127.0.0.1 is not unique but is local host of whatever computer you are in front of, so in reality it is "there is no place like where you are right now" So.. it can be interpreted as: "Live in the moment" "Live for today" "You are always where you are meant to be " Etc.