Neither the backend nor the UI appear to treat #this specially; it's just a piece of text.
A line beginning with # (with a space) is treated as a headline:
this post was submitted on 07 Jul 2023
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Lemmy
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In the end they have a similar role on Mastodon etc. to what communities do on Lemmy, so there is not that much point in replicating that feature on Lemmy.