It's a light machine polish used during the buff out process on a new lacquer paint job. It will remove light scratches and polishing marks. If its anything like Imperial Hand Glaze it's going to be a little oily but with some abrasive component to also remove, not just fill, swirl marks and such.
Certainly worth a try just to see how it will work. It seems like an old skool product (who uses acrylic lacquer to paint cars?) but I'm sure it's plenty safe to use. Try it on a fender and see how it works for you.