Well unless it is like saying "give a pat on the back" or something not always literally, but a comment made of approval.
Depends on context
If said to an audience it would be literal,
- as part of conversation - to imply that you think something is worthy of such action
someone might say "you deserve a medal" they don't mean that you should actually get a medal - just that they are giving praise.
'stand up and cheer' is not one i have heard before though - maybe american?
Hope this helps!