Hello, Mark, Modification of prepositional phrases occurs both in formal and colloquial English - it is not informal as such. In your first sentence, for example, way is an common-speech substitute for far (as you mention), but in other cases modifiers of prep. phrases are neutral.
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yeah , an adverb can modifies a preposition as well, such like this example ok
i threw a stone exactly on hid head the day before yesterday.
in above example the word ; exactly ; is an adverb modifies the word ;on ; which is preposition ok