Hey Steve,
You worked over PPG Concept paint. So it's being applied over a repair or a complete repaint. Polishing oils is a pretty vague statement by Meg's. According to their website it polishes during application and it contains polymers. Which sounds to me like an AIO. cleans, polishes and protects. The fact that it is black leads me to think it contains fillers (IMO) that back fill tiny scratches and imperfections creating a more uniform appearance. Anything that is hidden by a filler in a product will reappear once the product starts to fail on the car.
As far as "wet looking" and polishing. Polishing paint makes paint shine, reflective and wet looking. Sealants and waxes enhance and protect the paint.
The answer to your question is yes. There are quite a few AIO's out on the market. They are meant to produce "good" results in one step. You give away somethings to save time. They can only remove so may imperfections, they do a fairly descent job at cleaning the paint usually by a solvent in the product. The protection the leave behind is descent and only last's a few weeks or so. Some of them usually contain fillers to hide scratches and imperfections.