Are you spraying a metallic or non-metallic colour?
If non-metallic, you should be ok as the gloss of the clear coat will be what you see when done.

I don't sand metallic coats unless I need to fix something, and then re-spray it to restore the "sparkle".

The two methods I use for fixing drips and runs are either "strip sanding" or scraping, or a combination of both. These methods allow you to focus the paint removal to a very small area rather than the entire area of a typical sanding block and more control of how much paint (depth) you remove.

Here is a brief article explaining strip sanding (it's a woodworking forum, but the concept is the same): Strip Sanding

The scraping method is simply using a single edge razor and dragging (scraping) it over the high spot(s) of the run/drip.
You can use masking (or cello sticky tape) to vary the width and depth of the scraping area. Do a YT search and I'm sure you'll find something.