Ok, I did some digging on the topic and here is what I found out.
The parser itself (org-element) does not care about these settings. It treats them as regular syntax elements:
For example, the following org file:
#+FILETAGS: :crazytag: * TODO Some task
(org-data nil (section (:begin 1 :end 25 :contents-begin 1 :contents-end 24 :post-blank 1 :post-affiliated 1 :parent #0) (keyword (:key FILETAGS :value :crazytag: :begin 1 :end 24 :post-blank 0 :post-affiliated 1 :parent #1))) (headline (:raw-value Some task :begin 25 :end 42 :pre-blank 0 :contents-begin nil :contents-end nil :level 1 :priority nil :tags nil :todo-keyword TODO :todo-type todo :post-blank 0 :footnote-section-p nil :archivedp nil :commentedp nil :post-affiliated 25 :title (Some task):parent#0)))