How can I use select_related in rest framework?

Question

I am new in Django, I am creating a basic website where users can post some messages and add some tags to that post. I have 3 models Person, Post, and Tag. Using the rest framework, I created API for Posts, which should give me a list of posts with person's names and tags which posts relate with. For a small number of posts, this is working fine, but for large posts, it is taking too long to respond. Using Django-toolbar I am able to figure out too many queries are being fired, so I used prefetch_related and select_related in queryset. Here, a number of queries were reduced by half but still for foreign key relationship query is executing for each record. below is a sample of my code.

For getting 10 records it is firing 34 queries without using prefetch_related on Tag model. After using prefetch_related on Tag, it is 15 queries. Now for an individual post, it is firing query on Person with self-join. How can I reduce this number of queries?

# models.py
class Tag(models.Model):
    name = models.CharField(max_length=200,unique=True)

class Person(models.Model):
    name = models.CharField(max_length=200,unique=True)
    friends = models.ManyToManyField("self", blank=True)

class Post(models.Model):
    person_id = models.ForeignKey(Person)
    text = models.TextField(blank=True,null=True)
    related_tags = models.ManyToManyField(Tag)


# serilizers.py
class PostSerializer(serializers.HyperlinkedModelSerializer):
    @staticmethod
    def setup_eager_loading(queryset):
        queryset = queryset.select_related("person_id").prefetch_related("related_tags")
        return queryset

    class Meta:
        model = Post
        fields = ('url', 'id', 'text','related_tags','person_id')
        # fields = '__all__'
        depth = 1


#views.py
class PostViewSet(viewsets.ModelViewSet):
    queryset = PostSerializer.setup_eager_loading(Post.objects.all())
    serializer_class = PostSerializer

Below is the list of queries with respective occurrence:

SELECT `myapp_post`.`id`, `myapp_post`.`person_id_id`, `myapp_post`.`text`, `myapp_person`.`id`, `myapp_person`.`name` 
FROM `myapp_post` INNER JOIN `myapp_person` ON (`myapp_post`.`person_id_id` = `myapp_person`.`id`)
LIMIT 10

Occurrence - 1 time

SELECT (`myapp_post_related_tags`.`post_id`) AS `_prefetch_related_val_post_id`, `myapp_tag`.`id`, `myapp_tag`.`name`
FROM `myapp_tag` INNER JOIN `myapp_post_related_tags` ON (`myapp_tag`.`id` = `myapp_post_related_tags`.`tag_id`)
WHERE `myapp_post_related_tags`.`post_id` IN (11, 12, 13, 14, 15, 16, 17, 18, 19, 20)

Occurrence - 1 time

SELECT `myapp_person`.`id`, `myapp_person`.`name`
FROM `myapp_person` INNER JOIN `myapp_person_related_persons` ON (`myapp_person`.`id` = `myapp_person_related_persons`.`to_person_id`)
WHERE `myapp_person_related_persons`.`from_person_id` = 704692

Occurrence - 10 times for 10 records