I would suspect that it removes a very small amount but I really can't attest to how much...I think that the benefits of S&W removing the dirt, help to extent out the wax / sealant, IMO...Those are my thoughts and I use quite a lot of S&W
Any type of contact to the paint I would say would remove some very small amount of sealant. Add in a any type of liquid and a MF towel and this amount may be more. So I assume it must be removing something but very little which I think it is well worth using the S&W.
It removes less than washing with soap and water, because it contains more lubricants which will extend the life of a LSP. Any process of cleaning will remove something as you are wiping off dirt ,as there will be some abrasion by the cloth.