Once you reach 10k rep, which I think is where you can review flags, can you flag or not? Because it seems pretty silly if you can...
Reviewing flags is mostly a privilege gained by winning a moderator election – and not by reputation. There once was a flag queue for 10 k users but it was abolished a few years ago.
The only exceptions are:
- not-an-answer and very-low-quality flags, which send posts to the low-quality queue, where you can review with 2 k reputation;
- close flags, which send questions to the close queue, where you can review with 3 k reputation.
The only privilege related to flag handling that you gain afterwards is that your deletion decisions in the low-quality queue have a stronger impact once you reached 20 k reputation.
Either way, you cannot handle your own flags or flags on your own posts.