From Meguiar:
Re: Is there a rule to using "CLEANER WAX"?
Cleaner Wax is a great all in one that, if used very regularly (like every couple of months) and properly, can help to keep a car looking really nice for many, many years. No, it's not a miracle product that will make a car look like you've spent 18 hours doing a near concours level detail job on it (yeah, yeah, we know.... a true "concours" level detail could take a week or more) but when used regularly it prevents the build up of embedded dirt that can dull the appearance, and it can help reduce the appearance of very fine swirls as they appear.
To use it between a compound and a non cleaner wax is sort of an odd use for it, however. If you're going to "wash, clay, compound, "CLEANER WAX", and wax" then substituting Ultimate Polish for that Cleaner Wax step is a better use of your time. But if you just want to maintain a daily driver to a high level and aren't necessarily looking for near perfection, then "wash, clay, Cleaner Wax" can be a great routine to get into.
https://www.drbeasleys.com/blog/2012/05/18/cleaner-wax-pros-cons/