Peter,
Have to disagree with the advice that you received. Depends upon the type and quality of the applied finish. Been using mostly lacquer lately, so the following applies to same, but may apply to other finishes as well.
1) If you have built up several many coats but the finish is fairly lumpy (technical term), you may want to sand with 1200, or even 600 and then 1200 to "level" the surface, then buff with the red stuff, then the white stuff, then wax.
2) Ditto item 1 but the surface is only a tiny bit lumpy (not smooth and level, but pretty darn close), then you might just red buff, white buff, and wax.
3) Ditto item 2 but the force was with you and the last coat you sprayed was a full wet coat but got no drips or runs and the surface dried just about perfectly smooth and level, then you might just white buff and wax, or maybe even just wax.
4) If you did a very thin surface finish, it is less likely to be more than a tiny bit "lumpy". Maybe red buff if needed, maybe not. But motor very gently to avoid burning through the finish.
As I understand it buffing is simply a form of extremely fine sanding in order to create a very smooth and level reflective surface, prior to waxing. If you already have that surface, then no need to buff, just wax. Suggest you try both ways, with/without white buffing and look for any difference. When I get a really good final coat, the white buffing makes very little, if any improvement.
Almost done here so the real experts can jump in. Analogy on a larger scale: if you could turn a workpiece almost perfectly smooth and level (no hills and valleys or tool marks/tracks whatsoever, then little if any sanding would be required. Maybe a little touch up with 400 and 600.
Yammer, yammer. Sure hope this was helpful.