Yes, I usually shoot 2-3 coats, (White stripes 3, 2 for black) typically leave the tape in place or re-mask the edges and cut any imperfections/rough polish with the tape there so I won't accidentally take the edge down too far. With 3 coats after un-taping the taped edges feel "tall" which I slightly cut with 2000.
As an aside... I often tape edges and creased crowns/breaklines when polishing vehicles.
Depends on paint company, coverage, knowledge of product and spraying technique. 1.5 - 2 coats of Concept black or white for stripes and I'm done. If you over reduce it a tad and keep the mil thickness down it leaves a minimal edge. I pull my tape as soon as the paint is out of dust. All you want is coverage, not thickness. Once the stripes are tickled and buffed the edge is still there but not like that of a non buffed buried stripe.