Amazing how many people don't think that counts for anything.
No. Spend as much time as you need with each grit to get the surface as perfect as possible with each grit. First, it makes the subsequent grits go MUCH easier and faster, and second it will make your finish (any finish, even solid colors) look infinitely better. It also makes the finish lay on and flow out much better, and makes sanding between coats much easier. It's not enough to just sand with each grit - you have to sand RIGHT.
You must sand with the grain, and if the grain curves, your sanding stroke must curve. You need to go down hill on slopes. You need to sand until you can't see the scratches from the grit your using (I know that sounds weird, but it's true). If you do it right, you get the same open looking grain all the guys who talk about scraping get, but it will be far smoother, and will look much better. The single biggest problem with most finish work (by amateurs and professionals alike) is laziness while sanding. If you think it's good enough, keep working until it's perfect. PARTICULARLY with the 150 and 220 grits. If you do it right, it will look better after 220 than if you do a horse shit job up to 400 or 600 or some such shit.
For instance, I was sanding a finish on a slab body tonight (flat on both sides, except for the belly cut), and even with my pneumatic random orbit sander (which make the job MUCH faster) it still took me 40-45 minutes to get everything sanded. And it only went that fast because when I was doing my finish prep on it, I spent that much time with every grit between 100 and 220. On the whole, I probably spend more time sanding than all the rest of the woodwork on a guitar. I have a huge number of major league time saving devices for sanding, and that is still the case. (Of course, I also have a lot of labor saving devices and jigs to make the rest of the wood working go faster too, but still.) For sanding wood, use garnet papers, take your time, and GET IT RIGHT. In the end, it makes the job both easier and better.
There is an old woodworkers tall about this kind of thing.
An apprentice to one of the great woodworkers of the 19th century was set to work by his master making a piece for a cabinet.
After a while, the apprentice brings the piece to his master, and says he is done. Without even looking up from his bench, the master asks, "well, how is it."
The apprentice answers, "it is good enough." Without even looking, the master tells him to try again.
Working much harder this time, the apprentice comes back again, and again the master asks, "well, how is it."
"It's good enough this time."
"Try again."
Frustrated by this, the apprentice takes as much time as he can, and does the best possible work. He brings it to his master and says, "Here, this one is perfect!"
"Well," sighs the master, "I guess that's good enough."
There is no such thing as good enough, only right or not right. Do it right.
Light
"Cowards can never be moral."
M.K. Gandhi