Yes this is a GREAT and underated product...
It is NOT a cleaner/wax in the typical description, and personally I don't like the wording as such. There is ZERO dedicated chemical cleaners or abrasive grain in the product. The reason it is labeled as a cleaner/wax is because it can be used as a quick detail spray to clean dust, finger smudges, and bird droppings on the paint. So to answer your question, no the spray wax will not remove existing LSPs.
As far as being surprised, I am not shocked. The truth (devoid of myth, dubious marketing, and hyperbole) is that Blackfire Ivory Carnauba Spray Wax features some of the highest percentage (by wet volume) carnauba on the market, and only a couple percent less then our Midnight Sun Carnauba Paste. I will post a picture of a black F430 Ferrari I used this on, and both the owner and I commented on the dripping shine it created.
It is second most underrated Blackfire product, next to the Interior Cleaner.