Right. It could be to due to the way light refracts off the paint, but I think it's also simply due to the fact that a panel that has orange peel has a much busier paint finish, and minor flaws are less likely to catch your eye.
This doesn't mean the paint on a wet sanded car is any less durable, I'm just saying scratches are a bit more noticeable and as a result make you want to maintain the car a bit more frequently than you would otherwise.
That said, a wet sanded M3 is a beautiful thing...just be ready for an enhanced case of OCD if you decide to pull the trigger.
Current: X5 // Space Gray // 50i M Sport
Past: E90 M3 // Jerez Black // 6MT