Recently I did a 2 step paint correction on this 2010 BMW X5. This was the first black car that I ever did. This was a fellow Autogeek member that found me on the forum. I quoted him on the phone, not knowing what kind of shape the car was in. There was white paint on the bottom of the car...
Yes you should tape up any electrical components using masking tape and disposable plastic bags to cover these areas. I saw a video from Larry (Ammo) and he said on new cars you do not have to do this, but I would just to be safe.
I spray hyper dressing on the engine compartments, let it sit...