People generally have a lot of misconceptions regarding this topic. We will help you clear some of it. Basically, the above two will give more or less the same result, but are to be used separately as they have a different way of performing their functions.
Car polish, being abrasive removes the roughness on surfaces with scratches to reveal the smooth and shiny paint underneath. The disadvantage of polish is that it removes the protective layer of wax and therefore making the inner layer more prone to wear and tear. Whereas Car wax being non-abrasive fills in the dents and even the most miniscule scratches to give a hard and rich shine to your car. But using too much of car wax dulls the car’s appearance.
What actually should be done is that you should first polish the car properly to remove the residue and old wax, and then protect it with a new layer of wax. Remember that polish is meant to perfect and car wax to protect your car.