tyymm, Hello and welcome to Autopia!
What kind of buffer did you buy? Personally, if the wax is liquid I prefer to apply by machine then buff it by hand. If it is a paste wax, then youre fine by buffing it with the buffer.
There are no risks when using a random orbit buffer, because its motions are completely... *ahem*... random, it does not generate enough heat or friction to scratch or harm the paint in any way. Just use common sence, dont place the buffer pad on the ground, don't push too hard (let the buffer apply/buff the wax), and be careful about power cords swinging around and hitting the paint (happens to me a lot).
Good Luck! :xyxthumbs