As effective, maybe. More effective, please explain.

I've done my fair share of both. The buffer is certainly quicker. Do a multi-stage wet sand and hand polish on an old set of Super Champions and you're in for a 2 hour project. Buffer gets this done in <10 mins per wheel and IMO is a much better for getting in/around/under the eyelets. Hubs also no comparison with the various recesses and grooves.

i still wet sand but only on parts I don't feel I could safely use on the buffing wheel. Drive side crank arms and derailleurs are about it.

Finish wise, I think both approaches can produce the same results depending on technique. I've "over-buffed" with the machine where the edges get softened and pantos smear. I've had wet-sanding that was splotchy and uneven. Either one had more to do with my technique than the approach.