No, the paste is the medium that carries the abrasive material, just like sand paper or pads. Bowling ball polish is not like car or furniture polish, which normally contains wax and/or silicone that actually fills small scratches and adds a layer that creates the glossy finish - NOT recommended on a reactive ball since you more or less ruin the material's properties, literally clogging the tiny pores that create the friction on the lane. Car polish works well on polyester balls, though!
While the effect is a shiny surface, "polish" is a somewhat misleading description for bowling ball polishes, because it is a fluid that allows you to sand a surface at a very high grit level. The effect visually resembles the glossy finish of a wax-based product, but leaves the surface material "uncovered".
This is also the reason why heat or oil extraction will not affect the surface finish.