The rustic furniture shop down my street uses MinWax Tung Oil Protective Finish. Tung oil and a bunch of other things.
One coat is satin, soaks in well, darkens that wood only a little. More does nothing more.
When you can't smell it (approx 7 days), time for coat #2. Four coats is water wet glossy.
Sanding does nothing more than shred the surface. Makes a real mess.
Very coarse steel wool is actually flat strands, not round. As a result, it cuts like a million chisels,
gliding over surfaces and cutting off the stand-up bits of wood fiber.
I liked the looks, I liked the techniques.
So many of my wood carvings are done this way, even with some painted parts.