Meta:Programs & Events Dashboard/Using the Dashboard#Slides says:
You can use basic wikitext formatting. For images and quizzes, special templates are required.
However, this diff lets think internal links (or interwiki prefixes in wikilinks) are not supported.
I think the full wikitext syntax should be supported because MetaWiki is not a database, it is actually a possible endpoint for readers and editors. Dashboard could get HTML directly from REST API, or parse wikitext with a better parser (several ones probably already exist).
If the current limited wikitext parser is needed and can’t be improved, supported wikitext should be documented and a way to warn MetaWiki’s editors should be found (through an edit notice, probably).