Lacquer never stops drying (if you want to think of it like that).
When you are spraying its easy to think that the finish is dry when it's dust free, but the volatile solvents in that first coat will not have fully gassed off by any stretch of the imagination before you are ready (say 20 minutes later) to apply another coat. It will have formed a skin that is dust free, and may even feel dry, but you would certainly still be able to smell solvent gassing off. A new coat also skins over and becomes dust free, but now you have heaps more solvent trapped in the film build. Reapeat to 4 or 5 coats and you get the idea.
These solvents will get out one way or the other. You don't want to bury them so deep in multiple coats that it would take 3 months instead of one to two weeks.
If you are good on the spray gun, it would be quite possible at the end of those 4-5 coats to see a finish that is pretty flat and you might be ready to pat yourself on the back. However in a day or so you will notice that surface is no longer as flat as you first thought it was. It sucks into the timber some, and you would enivatibly get some texture (orange peel) showing up as the solvents evaporate. I've been a proffesional spray painter for over 35 years, so I'm pretty damn good on the gun, and even I would see this.
This is why you level sand after a week.
And the same scenario goes with the next spray session. This one however would more than likely lay down flatter because you have a more sealed, level surface that just pore filled timber.
And as I said at the beginning, lacquer continuosly "dries". After the volatile solvents have gassed off the easiest way to think of it is that the finish starts to break down and degrade. Would depend on the formulation of the lacquer, but in round figures you have about 75 years before it's pretty much gone.
In the custom guitar world where surface finish thickness is hotly debated in the back room away from the public, the builder usually has a bit more thickness that would be ideal when it's new, because in 5 - 10 years it will be a fair bit thinner and potentially being the subject of a warranty claim.