It conveys a little more meaning. The translation is cut short in the vibes department.

I can’t explain it briefly, but “wohl eine riesengroße Verwechslung” hits different than “huge mistake”

Ok I’ll try.

“Ist wohl” is translated to “is”, but I would translate “must’ve been”.
“Verwechslung” I would translate as “mix up”.

“This must’ve been a gargantuan mix-up” hits different than “this is a huge mistake”. It has become more plain through translation.