To get the less shiny "Rubbed Effect" look on clear finishes without actually hand rubbing them (lots of work to hand rub with rotten stone or pumice) manufacturers add flattening agents which actually reduce the clarity of the product.
Multiple layers of the rubbed effect or satin product can lead to a noticeable loss in finish clarity. The finish looks "dead" with diminished wood grain. (It is like using Cetol instead of varnish
. Not a bad trade
off for the increased UV resistance the additives give Cetol for exterior use, but not the look you would choose for furniture or interior
Usually it is recommended to do your build in gloss finish and then do the final coat or two in the satin for that soft hand rubbed look.