@joe Yes.

Once this is released to the stable Mastodon release, any user on a Masto.host server can opt in to have their post indexed.

Regarding search, you can do full text searches only if you have the ElasticSearch add-on installed. ElasticSearch is a paid add-on that already is offered on Masto.host, see 'Available Add-ons' in https://masto.host/pricing/