I believe that's lacquer based...
As for multiple coats, yes and no it helps glossy. It tends to get 'bumpy' (MICROSCOPIC!) reducing color, adding coat after coat after coat, it balances out. When you polish, you sanding it to make it smooth, very softly sanding with polishing compound. So you can paint more, or polish if it is thick enough (might need 3-4 coats), up to you.
As for multiple coats, yes and no it helps glossy. It tends to get 'bumpy' (MICROSCOPIC!) reducing color, adding coat after coat after coat, it balances out. When you polish, you sanding it to make it smooth, very softly sanding with polishing compound. So you can paint more, or polish if it is thick enough (might need 3-4 coats), up to you.