Interestingly, when I began restoring razors I hand sanded. I had a buffer so I bought some Greaseless and bought more buffers and wheels.
Now I buy razors in much better condition that do not require major blade restoration. When I do, I now hand sand… again… then buff to finish.
This process maintains the crisp lines Wullie is talking about.
The one thing buffers excel at that no other method will, are buffing the jimps.
A spiral cotton wheel, with worn 600 grit greaseless, a very firm grip and light touch makes them shine and gets that corner where the blade meets the tang.
As said, buffing is dangerous… keep a light touch, let the compound do the work and think about what your are doing, watch the angle of sharp edges approach the spinning wheel, edge always away from the direction of rotation and watch the heat, quench frequently.
For bright gleaming finishes, buffers cannot be beat. A combined sanding/buffing technique works for me. It may take more time, but I do like the results.
And as I buy older razors, a 0000 steel wool/WD40 cleaning and honing, and they find their way to the rotation. Some pitting and patina is the character the blade has collected over decades, everything does not have to shine…
The reason quality Vintage and Antiques are better than new stock, is they have been Quality… Longer.
Restoration is a state of mind.