Hi Napoleon. No its not....although some polishes provide a finished "waxed" look.
Polish is a cleaner...so is a very fine cut whoch helps restore the colour and shines it up. Wax is a protective layer which seals in the polished finish and protects it from losing its finish for longer.
To get a bigger idea on the processes have a look around on
http://www.detailingworld.co.uk/forum/index.php
Once youve spent a day (although this can be broken down into stages) cleaning the paint and sealing it with a good wax, then all it will need is a careful wash once a week or so when it gets dirty...then re wax once a month (if that) depending on what wax youve used and how long it lasts.
Alot of it is down to personal preference...ie what kind of finish you want and how much time you want to spend keeping your car looking tip top
I like my car to look clean pretty much all of the time, but i wash mine when it gets dirty (usually once a week or so) and only wax if i can be bothered or if i have a reason to (car show, day out etc)....once the paint is polished up well then keeping it cleaned through washing will maintain a good paint look indefinately
A great tried and tested cheap combination polish/wax and sealant combo is Autoglym super resin polish topped off with Autogylm Extra Gloss Protection...Doesnt cost the earth and protects for up to a month or so

1993 Citroen xm 2.1td, silver/grey, bowling ball wheel trims, 210k and climbing...