[…] treat each Lemmy community as a community, not an audience.
I think it depends on the community in question, and the nature of the post. If, for example, one is looking for an answer to a question, or help with something, I would argue that one would, generally, want to target the largest relevant audience to maximize the surface area of potential people who can help. At any rate, more specifically, I don’t think it’s one or the other, but rather both — one would want to find the largest and the most relevant community. By my experience, another common behavior is to cross-post to multiple communities. This seems to be especially more common in a federated forum like Lemmy where there could be any number of duplicate communities.
Theoretically, could they outwardly federate only? For example, they make a post which gets pushed out to other instances, but they would set their instance to not allow any external posts or comments to be federated into their instance, and they could close registrations. That way, the rest of the Fediverse could follow and interact with their content, and they wouldn’t have to deal with moderation. I’m not sure if that’s really how federation works, so please correct any inaccuracies.