costing 10 times as much = costing 10 times more (than the thing you previously mentioned)
It's saying this film could be compared to other films that cost ten times more to make, because it's so well done it looks like it could've cost more money to make, or the effects are usually in movies that are ten times as costly to make.
Verb + x times as much
"This coat is very good quality, but only costs half as much as these designer coats."
"This apartment is better than my last one, but the rent here costs three times as much."
(not a teacher, just a language lover)
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