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Sam86 since you park indoors, a polish should last a bit longer, they just tend to wash off after the first few rains and washes. Ultimate Polish works really well at hiding blemishes and does make the car look good. Sometimes I think its a worth doing if I have the energy. Especially after I've done a full compounding of the car, makes the paint look very deep. Use it if you got it. Its just that I tend to find that car waxes like Meguiar's Ultimate Wax contain enough polishing oils that it's not a necessary step.
You might as well do a spot-test on the blemish areas with m205. If you like the results, do the rest of the car if you have enough pads.