Wax as a term generally refers to a true wax product, like carnuba. Sealant & glaze are terms frequently used when referring to an acrylic product (also called a polymer). To confuse things though, wax is also used to refer to some acrylics. Klasse producs are an acrylic, not a carnuba wax.
AIO is *not* a magic cleaner or a paint prep chemical. While it can work as one, and certainly does have cleaning properties, it is not designed, sold, advertised or marketed as anything but an all-in-one product. It cleans, it protects (waxes).
Now that said, experience in use shows the two products work very well together, as previous posters have described. The "waxing" properties of AIO are not that remarkable, and it's with the use of SG (step two if you will) that the shine really pops.