The Hahnemühle spray will sink in somewhat. I generally try to avoid that so I haven't really experiment much. The idea is to apply a light first coat that will prevent later coats from penetrating/permeating the paper. A heavier first coat may penetrate significantly, I just don't know.
It is UV protective, counteracts gloss differential somewhat, offers protection from airborne pollutants, and contrary what I have heard, does offer some protection to scuffing.
I am using Epson K3 VM inks. I can run an unsprayed print, which has fully dried and cured, under a hot or cold water tap for a few minutes without any ink moving at all. But I have a series of botanical prints which have hot white backgrounds, some of which sell mounted and framed without glazing on German Etching paper. Without the spray, anything splashing on the white unprinted areas will stick and stain. I have easily removed dried red wine splashes from coated prints (Q-tip and cold water).
The main problem with the Hahnemühle spray, which is probably common to most solvent based lacquers, is its brittleness. It is noticeable when trimming sprayed paper with a blade. You probably wouldn't want to roll up a lacquered print for shipping, but if it is mounted and will stay flat, I don't see that as a problem.
I have a show that is in its third location, is has been packed and unpacked twice. There are fifty-five 8" x 12" and ten 20" x 30" prints, T-hinge mounted to acid free foam board and with narrow profile wooden frames, but no glazing. Canson Rag Photographique 310 (20 x 30s) and 210 with four coats of the Hahnemühle spray. Some of the pieces are very Chiaroscuroesque, and I haven't seen any handling marks so far.
Brian A