Depends upon the condition of the paint you're starting with, if the paint is in good condition maybe, if the paint is neglected, as in lots of deep swirls and scratches then "no".
You normally get better results with a multi-step process where you're using dedicated products,
- Dedicated or true compound
- Dedicated or true polish
- Dedicated or true finishing wax
When you're using a one-step cleaner/wax you're depending upon a single product to do multiple tasks and it's never going to do as good a job as breaking the process up into dedicated steps using dedicated products specific to each step.
Here's a 1947 Plymouth Coupe I did a two step too years ago using ONLY a one-step cleaner/wax and then topped with what is more or less a finishing wax, originally had some light cleaners in it, it's been reformulated a few times so I don't know the current status of the product but since it's sold and marketed as a retail product the the average "Joe Consumer" then by default it needs to have some level of cleaning to create a visual difference to a "Daily Driver" or the customer will be unhappy. Keep in mind the average "Joe Consumer" doesn't know half of what people that hang out on detailing discussion forums know.
I rubbed this car out by hand on purpose to show what could be done by hand even though I had electric polishers at my disposal. It actually takes less talent and skill to use a tool like a DA Polisher than it does to work by hand....
Here's what ColorX did by hand to a 1947 Plymouth Coupe,
Before - Horrible Swirls throughout the finish
First we removed the white paint overspray using Meguiar's Quik Clay System now replaced with Smooth Surface Clay Kit.
Then applied one hand application of ColorX followed by one hand application of NXT Tech Wax Liquid
I did this car back when ColorX first came out, I saw the car right before I moved from California to Florida and it still looked great. (Taught the owner how to maintain the paint)