Spraying oil base polyurethane can finish off nicely if you have the time to wait and you are spraying in a controlled dust free spray booth. It takes too long to dry, and has the tendency to run if you aren't that experienced. It stays wet long enough for anything to land on it.
Acetone based (lacquer thinner) lacquer is very quick and was my mainstay finish for many years. It's extremely toxic and should only be sprayed in a well ventilated area, preferably a spray booth. It blushes very easy, and like all finishes, knowing the quirks and technique, make the difference in getting a good finish. I stopped using lacquer due to health reasons. Even with a respirator and a spray booth, it stays in the air, and being atomized gets on your skin, and can penetrate the body through any orifice, like eyes, and ears. Doing the mixing and cleaning permits toxic absorption into the body. You can't cover everything long enough. Acetone based lacquer may be phased out. IIRC, some states have banned it.
As for what's called "water based lacquer", manufacturers can call it whatever they want. It's base is basically ethylene glycol, which is similar to waterbased polyurethane. So, if you want to know what you've got, check the label for what thins it or cleans up with.
I spray primarily waterbased polyurethanes, and get an equivalent finish as I did with lacquer, without all the toxicity of lacquer, no blushing, and water clean up. There are WB poly's that are crosslinked and suitable for wood flooring.