I have water spots, does your hand wax rub them out?

Nope. Once water spots are left on there the only way to remove is with chemical or polishing

https://www.bbb.org/us/ca/moreno-valley/profile/car-wash/sunnymead-car-wash-1066-89069284

I always found Windex and razor blades work best to take off water spots if you're talking about glass

There are a lot of things that can take out water spots these days I'm sure they have them