What hashtags do now
A hashtag is a hint about subject matter. It helps Instagram place your video with an audience that has shown interest in that subject, and it helps discovery at the margins. It is not a reach multiplier, and it has never recovered a video the content did not earn. If a Reel underperformed, the hashtags are close to the last place worth looking.
What the cut from thirty to five tells you
Platforms remove what they no longer weigh. Going from thirty slots to five is the clearest public signal available about how much hashtags contribute, and it arrived after more than a year of testing. Whatever they were worth before, five slots is the ceiling now.
What drives reach instead
Completion, rewatches and shares. A video that holds attention gets shown to more people; a video that does not, stops being shown, whatever is in the caption. How reach is actually decided.
So should you use them?
Yes. Five, chosen to describe the video, changed per post. The cost is about thirty seconds and the upside is being classified correctly. That is worth having. It is just not a growth strategy.