In a way, yes. In a way, no. Would it using M7 require a multiple step process? Yes. That's why I mentioned and linked to Mikes articles using an AIO product and using it heavy, on the wet side.
The oils would have helped whatever applicator he used, either by hand or machine, to remove some of the oxidation. An all-in-one could do the same thing. The oils would allow the applicator pad and the abrasives to help remove the oxidation.
Obviously, there's more ways then one that the OP could go about putting a shine on that trailer.
Theoretically, you could use Meguiars #7 Show Car Glaze is a final step auto glaze to enhanced the gloss prior to wax application. Get a show car shine with Meguiars #7 Show Car , or Meguiars #45 Marine/RV Polish is a fiberglass polish that nourishes and cleans the gel coat to keep it looking great! Follow Meguiars Marine/RV boat , which are virtually the same, if not identical, products. Both engorge oils back into paint and gel-coat, which is a good thing. Read the description on M45. You could apply either of these with virtually any pad, including wool, of your choosing.
Either of these suggestions would work too, but I'm not aware of any products from 3M or Meguiar's that contain both a compound and a wax. That doesn't mean they don't exist, rather, I'm not aware of them.
A product like this would work as a compound and polish in one step... Meguiars M67 One Step Marine Compound and it works great. Used it many times, but you still have to seal it.
This 3M Marine Compound & Finishing Material - 06044 also works great as a compound and polish in one, but still need to seal it.
Both of these would almost fit your one step and done suggestion.
3M and others, offer several marine cleaners (mildly abrasive which fit my AIO suggestion) with wax, but that I'm aware of none contain a compound and wax.
To reiterate, my suggestions were written knowing the OP had M7 at his disposal, M45 serving the same purpose, to help gorge the surface with oils that will aid in the oxidation removal process helping his finer polishes to remove even more oxidation. I might have missed it, but he may also have more aggressive products or AIO's to use.