I've only used it once but I applied it to a foam wax applicator and then rubbed it on.
As for the wax-stripping question...smell the product, does it smell strong? Probably will remove some wax if it smells solventy. I think trim restorer smells very strong.
I use Stoner Trim Shine all of the time. I apply it by first spraying some on a small terry cloth and then rubbing the cloth on the trim. It works great and lasts a very long time. By applying it this way it really shouldn't get on your paint.