Yessir. This works too, in a pinch!
Water, spit, beeswax, tokenole, gum tragacanth, saddle soap, neetsfoot oil or any combination of the above. The finishing agent is actually less important, IMO, than good clean cut edges and the application of friction, not pressure, to smooth and polish the leather edge. Sandpaper helps tidy up some rough edges. Burnishing tools include, but not limited to, wooden burnishing tool, plastic burnishing tool, denim or canvas, even the wooden tool handle of an edger.
You will find your own preferences and methods.