Does 'Shunyata' mean that nothing exists?

No, it means that things exist only in relation to other factors, not by themselves; it is a rejection of 'independent' existence, not existence itself.

Mahayana Buddhist Philosophy

UPSC Archival Analysis

Q: The Doctrine of void (Shunyata) was propounded by the Buddhist philosopher:

The doctrine of Shunyata (Voidness) was propounded by the philosopher Nagarjuna. He taught that all phenomena are empty of inherent existence because they arise dependently.

Exam Year

1998

Evidence Source

Link

ID: HIS_PHI_1998_76 Ref: A History of Indian Philosophy by S.N. Dasgupta