YouTube allows you to use as many tags as you would like as long as the total character limit across all tags is less than 400 characters (approximately). Generally, most videos should have 5-8 tags.
Different people may use different strategies, but my strategy is : Come up with 10 to 20 single keyword tags that you want to try to rank for. Include what may be the best descriptors so that it is easy for your target audience to find your video and YouTube to understand its contents.
A key component to a YouTube SEO strategy is harnessing the power of your video’s captions :-
Here is a tip : I performed a test that proves captions on YouTube videos boost SEO. I saw an increase in views by 18% in the first 2 weeks using captions. To test this, I searched for a keyword phrase that was present only in my video captions, not in the title, description, tags, or metadata. Captioned videos ranked highly for the phrase because search engines can crawl the caption text.
But, once again, everyone may have their own individual strategies that work best for them.