No, I've just been rubbing out finishes for years.
If you have rubbed out a finish on a nicely figured wood and have to question the statement of having depth and 3D effect you have been doing something wrong.
As for gloss. Next time you apply a finish and the final coat has cured hold it up to a glancing light, or even just plain looking at it. 90% of what you will see is light being reflected off of the surface of the surface of the finish. That is gloss. Now, really rub out that finish. Yes, you are putting scratches in the surface and when they disappear to the eye see where the light gets reflected from.
Now, if you want a more easily seen example of what rubbing out is all about go to a car show and take a look at a cobalt blue metal flake hand rubbed 12 coat layer of automotive lacquer looks like. You won't see any light reflected off the surface of that finish, what you will see is a finish that practically glows from the interior with a real sense of depth.