It's polish AND carnauba, which means it needs some time to dry if you are using it as a wax as well as a polish. If you are using it as a polish only, then you wouldn't have to wait to remove the first coat, but if you aren't using it for anything too bad, you might as well let it dry a bit so you get a good bonding of the wax from the first coat if you happen to miss a section the second time around.
If you look at the directions, it mentions that you can let dry to a haze OR rub until you see it shine. Either way can work!