I use the Makita at speed 4-5 with an Edge Wave 2000 pad. I use wool on beasts, I do not like doing deep correction with foam pads. I break the hood into eighths and use polish/compoung sparingly. I check the pad / polish combo before getting rolling. Once I have the formula, I launch. I do an IPA wipedown ot remove any suspension / carrying agents left behind upon completion of a panel to verify what I have done. Then its on to step 2, polishing, same process.
Waiting for polish to break down is a way of doing things to learn how to use the material and equipment. But learn to use the abrasive to your satisfaction. Learn to look through the polish and see the surface get corrected as you go. Sometimes the polish may not be "broken down" by some definition, but the surface will be completely corrected. Dont stand on ceremony, just correct the paint.
It's like wet sanding, once you know what you are doing, you can see the degree of correction you have done through the water. Squeegeeing the surface just gives further visual verification that you are correct. You can keep your hand on the paper and continue to remove material until the desired finish is achieved. Time saver. When learning how to do it, you sand a little, wipe it dry, examine, sand a little more, wipe it dry, examine. Worry, think about it, then maybe compound to see if it comes up, then sand again. 50% of the time it should have been sanded more at the start, people are just cautious when they start.