Yes, Derpibooru has a robust filtering system. To start, click “Filters” in the top-of-site nav bar (on mobile, it might just be a funnel-looking symbol).
There’s a brief intro to filters on that page. You’ll either need to “Click here to make a new filter from scratch” or “Copy and Customize” one of the default filters, and then set this new filter to be the one in active use for your account, before you can start entering your own choices.
You can hide or spoiler any particular tag either by writing it in the filter editing page, or by hovering your pointer on the tag when it’s present on an image you’re viewing, and using the drop-down to add that tag to your hide/spoiler lists.
There are two more fields of data you can use for filtering: the Complex Spoiler Filter and Complex Hide Filter. These fields work exactly like a search on the site works, and then it acts upon the results. So, for example, maybe you want to hide all pictures with OCs except by one particular artist who draws them especially artistically (just a made-up scenario to demonstrate): you’d write oc, -artist:yourfavoriteartistnamegoeshere
on one line, which means it will hide all OC pics unless they also have your favorite artist’s tag as well.