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I agree that it means that "can use their listed Price regardless of size" only applies to things like the Fighter's Fork, yes. Which means that if a Medium magic composite longbow costs 35gp, then a Gargantuan one costs 35x8=280gp since "multiply the Medium cost by 8 to get Gargantuan cost" is the only rule we're left with for both mundane and magic items.
One might expect the two to have different rules, with the mundane part being multiplied and the magic part not, but such rules don't exist in PF2 AFAIK. You either apply the straight size multiplier to the whole item or you ignore the size multiplier entirely, no other cases.
I don't think a +1 gargantuan shortbow ahould cost like that.
That would mean a +3 version, normally 31,065 would cost 248520.Also a rune of magic is 35 gold. which means you get a gargantuan shortbow worth 160g you can just add the rune to the bow, you don't need a special gargantuan version of the rune. you could even use the rune from a tiny weapon.