I do a lot of spray paint (Sherwin Williams) at times and we have a well set up spray room with all the goodies.
Even the best guy in house "settles" for 240 grit for paint jobs though there are times when a higher grit is warranted. He uses a pressure canister with Anest Iwata 400 and that thing does squirt out quite some paint. Usually he does not have to respray much even on larger jobs. Sometimes he primes edges twice since the primer cures fast and is easy to sand. He does not go to a higher grit for sanding primer.
For intermediate sanding I think he does use 320 grit, that is when he needs to make a second top/finish coat.
My preferred "best standard finish" is 320 grit, but my Anest Iwata 400 doesn't have the same output my colleague has with his set up so I don't get the same volume of paint out on to the object so I benefit from a more polished sanding.
For clear coat I do 320.
For doors and such I settle for 180/240 grit after primer and 240 between coats.
For some work I have gone up to 500 grit, but that is usually only when I have a thin layer I need to smooth out for last coat and/or respray. Or loudspeakers/high gloss.
I do have a few 2000 grit polishing pads for critical work, if I get a little speckle on a critical area I rub it out with the 2000 pad and matte down the surface for a respray. This I do when I respray shortly after the first spray (say, less than an hour) since even 320 grit can cause swirl marks on a surface that isn't fully cured when using a machine. The 2000 grit pad I run by hand.
We use infra heaters for faster curing but usually leave the stuff to cure overnight for packing the next day, depending on type of material.
In short 240 is fine but I play it safe with 320 if I can but I can't see much of a benefit in going higher unless there is a very specific case for it. At the crossover from 240 to 320 the paint technique starts to make more of a difference than the grit used and sort of blur out the difference. We have very powerful lighting in the spray room and catch pretty much all imperfections but most of the minor blemishes we see in there are pretty much invisible outside of that room so I have learnt to ease down a little on the OCD.
After respraying an entire school - over a hundred doors and 22 would fit at a time in the room - I don't see anything else as "large jobs" any more. We didn't have a single door fail inspection and that was unprecedented said the guy that inspected the work - but we did repaint a few that we caught in our own inspection prior to packing.
After that horrific experience (I am a carpenter, not a painter) I didn't even frown upon the task of planing and cutting up 250 meters of trim, edge rout them, prime them and paint them up over a weekend. I have become mentally numb but I get by since I keep it simple, I stick to what works with minimal friction but if I need to step something up a notch to deliver I do that.
Spray painting is easy compared to the other work I do but it can turn into a mess if you don't have your wits with you. Some of my worst experiences in the workshop have been paint related...