In any situation, Could it be possible that "I'm with you." is used instead of "I agree with you." or "I understand you."?

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“I’m with you” is more of a slang term used for when you agree. “I understand you” does not mean agreement. It is an acknowledgment of fact.

Example: Terry and Amy are discussing their favorite ice cream flavors. Terry says chocolate chip is the best. Amy says “I’m with you on that!”