Whenever I use polishes I never let them sit and dry. Once I have worked them in (usually via the PC) I remove them with a MF. I don't think letting a polish sit and/or dry does anything to help the process.
Most waxes I have worked with or heard about seem to only need a fairly short time before removal. I usually wait 15-20 minutes while I do something else like clean the windows or car mats or something. By this time it has usually set up to a hazy finish and I buff it off with a MF. Some waxes (like s100) say that you can buff it off almost immediately, while others say to wait a bit longer (I would say 15-20 minutes max. for most).
Sealants are the ones that require a longer time. Most need at least an hour to set up and cross-link etc...
I would recommend reading the recomendations on each individual LSP and go by that to get good results.