That pretty much summed up the steps, yes. I would advise you to read Hanger Project's guide on shoe shining to get better insight, I find it excellent.
As for your questions:
1) No, it's a cleaner and conditioner, more like neutral cream, but thinner IMO.
2) The difference is small, but I either use a brush with softer bristle or a microfiber glove to achieve more shine.