A minor role, not a dead one
Hashtags on LinkedIn still help the system understand what a post is about, and they can surface it to people who follow that tag. Their influence on reach has faded relative to the post's content and how well it engages readers, which now matter far more.
A small, specific set beats a long generic one
A handful of hashtags that genuinely describe the post's topic tends to work better than a long list of broad ones stacked on for visibility. A long list of tags, especially generic ones, reads as an attempt to game the system rather than a genuine content signal, and is treated that way.
Put the effort into the post, not the tags
Time spent choosing between three similar hashtags is better spent tightening the post's actual opening line or making its point more specific. Hashtags are a small finishing touch on a post that already has to work on its own merits.