Well................. yes and no.
What many people call a glaze is what we've referred to as a pure polish for years. The intent of this type of product is the create of gloss - it's sort of like a beauty treatment for your paint. But the vary nature of this type of product means that it's going to fill and hide fine defects. Some body shops use it primarily for that purpose, but as far as we're concerned the proper use of such a product is to apply it to a perfectly prepared surface in order to increase the gloss and depth of color.
M205 and UP both contain SMAT abrasives and both contain polishing oils. UP has more polishing oils that M205, but M205 has more cutting ability due to the level of SMAT in it. So both can fill and hide to some degree, but both can and will remove fine defects in the paint, it's just that M205 will remove more. Remember, it's M205 that we use when rotary buffing to remove any holograms that may have been created in the compounding step with something like M105 on a wool cutting pad.
As Shawn surmises, the term "pre waxing glaze" is on the bottle so that the "average consumer" gains a better understand of what the product is for. There is a surprising number of people who use "wax" and "polish" interchangeably, but there's no wax in Ultimate Polish, so we want the "average consumer" to understand that they need to wax after using UP.
