An alternative to buffing

If you don't have a buffing wheel, the PPP sticks from Hut make a good final polish for any finish. The dark stick is Tripoli in a Carnauba wax, and the white one is White Diamond, same as the buffing compounds used with the wheels. The problem has always been that everyone sees the PPP as a finish, and they aren't very good at that. But, they work very well as a polish of another finish.

Wait until the next day before using because the hard wax stick can damage a finish that is still soft. You should be waiting until the next day before using a buffing wheel, so there is no time difference.

As you say, it's wax. It has a minimal amount of grit. With the small amount of grit, it increases the work to accomplish a finish and with it being primarily wax, it takes quite a bit of heat to get it to flow and do the cutting. Quality compounds have consistant grit size and very little grease. This minimizes the effort required and the compound is more of a powder when applied to the wheel. Also, with the PPP, you still can't do the longitude buff, which is necessary due to light refraction.
Another thing to keep in mind is that, it's not just the compound that gives the finish, it also has to be coupled with the proper wheel and technique. It takes a little practice, but can be picked up easily.
Not to say the PPP can't do the job, but most will be very disappointed in the results, especially with the time and work involved.