Yes but it takes a while for flags to be hidden, i know for a fact.
It takes time because we moderators approve/don’t approve/defer flags. And you can already delete your own post.
I don’t think that matters. I believe there is logic that if X number of flags occur on a topic within a timeframe, it automatically closes the topic without any moderator/staff/admin action required.
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Yes, there are several related settings. In particular
X number of Flags
X number of users
With the one exception of a TL3 member Flagging a new members post as Spam, these settings help ensure that a post / topic will be shut down when / if it is considered enough of a problem by non-Staff members.