If it works for you, that's a great place to start. There is high-gloss like your doing, then there is the sprayed on gloss. Where it looks like a thin coat of glass over the piece. You could do that with your current methods, but it would take15-20+ with a wipe on but sprayed is a better method. Rattle cans aren't great for this. They just spray too thin and it's hard to get it to flow. But spraying with a gun brings a whole new set of issues. A decent gun, a compressor that sprays dry clean air, personal safety equipment (which varies with the finish you're shooting) and spray booth or area you can spray without getting your car or killing the neighbors, and not creating a fire hazard.
With the buffed finish and 5 coats, it is easy to burn through it, but it is easy to repair. With most sprayed finishes, with multiple coats, it becomes really tough to repair.
A nice high gloss, you can move the piece around and see perfect reflections, no break in the finish and no orange peel.
As far as the sanding, ditch the silicon carbide paper. The black abrasive can be a problem and it isn't real flexible. Go with an Abralon, Abranet, Eagle, something that is a ceramic or alumina oxide. Sand between coats with 600. Final coat, determine the starting grit by how clean the finish is. I would go as high as 2000-4000 grit. The smoother the surface is, the easier it will buff. From there, probably white diamond and maybe carnauba. Don't use triploi or ZAM.