Yes it does. It's just slower and more manual.
Because in Mastodon, a boost is closer to a "like" on other platforms.
If I start boosting a lot of crypto spam, mods on other servers will be like, "Crypto spam?! Seriously?! What happened to him?! This dude sucks now! Hachyderm, handle that, or else!" Then if Hachyderm doesn't, other admins may defed Hachyderm, or block me individually.
Instances that don't like people that like crypto spam, don't let their users see my posts.