Some kind of finishing stone combined with lacquer or a clear spray paint absolutely makes a difference, but depending on the surface (as we all know from experience skating your local ledge or curb at age 13) enough wax and grinding attempts can do the exact same thing. Too much lacquer can be a problem - unsurprisingly, skaters seem to lack the patience to do multiple coats and allow for proper curing time. I don’t think the issue of spray vs. other applications matters much. My local curb spot was heavily lacquered with roll on and it seems as fine as ones I spray lacquered.
An alternative to paint and lacquer which I discovered through some Indy videos and which has been discussed here at length is to use concrete sealer. I got a giant tub for $30 - enough that I cannot imagine ever running out. It paints or rolls on easily, dries faster than the alternatives, and works as well or better. But the biggest advantage to my mind will always be the fact that you no longer deal with a spray paint can, whose distinct sound and appearance sends up alarms across the urban and suburban environment. Someone here suggest Behr Wet Look Sealant 985 from Home Depot and that’s what I’ve been using to great success.