Depends what type of sealant you are using.
Products like AG EGP and CG's M-Seal & Jetseal 109 are designed to be used after the polishing stage to lock in the work you have done and create a barrier to protect the paint.
Although good prep is essential for a good finish and the results from these types of sealants are good the real "bling" finish is brought from the wax.
Depending on the type of wax used you can achieve a sharp sterile finish or a wet glossy finish (which most people prefer). Harder waxes usually give the sharp finish and soft waxes the wet.
Then there are products like DoDo Red Mist or Zaino Z8 which are sealant based QD sprays. These can be laid over the wax (usually after at least 24hrs to allow the wax to fully cure and not be compromised by the solvents in the sealant sprays, although i leave it a week), these add additional protection but also boost the finish left by the wax.
There are of course hybrid wax/sealants like FK f1000p and DoDo PH & BV Pro, these are wax based products with sealant ingredients added to boost durability.
HTH, Nige