The only way a post can be searched for on here is through hashtags.
The hashtag search will only work if there is an exact letter-for-letter match.
If someone publishes a post with the hashtag #Watercolour, that post will NOT appear in searches for #Watercolor or #Watercolours or #Watercolors
That's why some people use hashtags that are multiple variations on a topic, because it's the only way to give a post a realistic chance of discovery on an exact-hashtag-only search system.
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I'm somewhat disheartened every time I see suggestions to Mastodon that implicitly assume that Mastodon is the only renderer for Mastodon posts (by not distinguishing which part of the suggestion should affect the shape of Mastodon-created posts, and which should affect the way Mastodon displays posts--regardless of what software created them).
Sure, this can be untanged during discussion. However, the "fediverse is Mastodon" approach is quite common among its users and so I think that it behooves us to take most opportunities to phrase things in a way that combats that misconception.