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I've heard it does, so it's another way to skirt the 5 hashtag limit that Steemit imposes. Not sure if there's any sort of penalty or what-not, though. It's odd how DLive will allow a massive amount of hashtags though with 0 issue.

As far as I am aware of, any tags beyond five do not count at all. You used to be able to put as many tags as you wanted to D.tube, but all tags past 5 were not in effect, or atleast I got told so. Well, things are bit shady how they excactly work around here though + I heard that some apps can't even utilize tags when you use search.