Barely, and less every year. Instagram's own guidance has shifted to 'a few relevant ones, if any'; TikTok and Reels discovery run on content analysis of what's IN the video, not tag stuffing. The thirty-hashtag block is a 2019 fossil.
Where they retain real function: LinkedIn (3–5 topical tags still aid discovery), local/community tags people actually browse (#FranklinTN), and branded campaign tags you're using as a collection bucket.
The modern replacement is SEO-style thinking: platforms now index the words you say and write. Naming your service and city in the caption and on-screen text does what hashtags used to pretend to.