Frank Boettcher wrote:

Have not used US or any water based lacquer. Is grain raising an
issue with the product?

With Ultrastar, a little grain raising is possible. The sanding sealer
slightly raises grain, additional coats do not. There is far less
raised grain than with plain water or any of the home center WB products
I've use, like Minwax or Moore water based polyurethanes.

I usually use either Seal Coat, as a barrier over dyes and stains
(skipping the US sanding sealer), or "Robert's Sealer" for oil color.
Over either of those, raised grain is not an issue.