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.