What does “once upon a time” mean?

used, especially at the beginning of stories, to mean'a long time in the past'

How is “once upon a time” used?

In In the Heights (2021), one line is: “Once upon a time, in a far away land called”

The clip at the top of this page is from In the Heights (2021).

Once upon a time, in a far away land called

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