Your description of the process is correct as far as I know. No wax is fine for building up the thickness in multiple layers. But the surface remains tacky, even after curing. Near impossible to sand and finish. So wax is required to get a hard, non tacky surface for sanding the finish coat.
My one experience was patching the aftermath of a loosing encounter with a channel marker. It was all exterior, high gloss work. The link below is excellent, and part of newbie research. HVLP will give you the best finish vs. painting or rolling. It will still orange peel, but will sand and finish easier vs brush marks. If you go this route, be ruthless cleaning your spray gun. Have a cleaning station ready with a large coffee can and lots of acetone. I thought I could get by filling the cup with acetone and spraying it clear. ..Nearly ruined the gun. You have to remove the fan ring, nozzle, pull back the needle and brush clean everything ...quickly. Don't use the filter under the cup.
I used surfacing wax with each coat, then sanded to keep a level surface. But that was deep patch work. Over coating a decent surface may do with a non waxed coat, followed by a waxed coat.
https://www.bertram31.com/proj/tips/re-gelcoating.htm