Yes, certainly. The 'much' simply intensifies the 'too'. Much too cold, much too big, much too expensive and so on. Alternatives are 'far too cold', or the more American form 'way too cold'.

Seems those particular friends are 'much too out of touch' to be consulted in questions of their own language

Since you have expressed some doubts in your comments to SuKi, let me reinforce her answer.. "Much too" + adjective is very common and we do use "way to" + adjective frequently in the US, all in everyda Are you sure they weren't correcting "many to" + adjective? That is incorrect.