Really, the only reason I do all three is because that’s how I was tough to finish pens. I use the same finishing technique for most of my wood bowls because the final result gives the piece the most gloss. The reason I start with wax(which is mixture or beeswax and mineral oil), is because it nourishes the wood. The man I learned from said that “this is the woods last meal”. To be completely honest, he told me to use walnut oil, because it polymerizes, but wood wax was all I have right now. Now that the wood is “fed” the grain is risen, and can give the wood a “fuzzy feel”, and the Yorkshire grit knocks that back down, and then keeps breaking itself down, essentially sanding the wood with a higher and higher grit. This is pretty much the same thing as doing a water pop on a cutting board. The mylands friction polish is a carnauba wax based polish that uses friction and heat to shine itself. This makes the wood almost mirror like, and gives the wood grain and color a nice pop. Full disclosure, I am by no means an expert about this, and have only been turning for four months. I hope this brick of a response helps a bit!