Mad Monk, perhaps the most knowledgable man in the world when it comes to black powder agrees with you.
In a pdf file entitled SA Pernambuco he says,
"...The purpose of polishing powder, or
glazing, is to round
sharp edges of the grains and to
polish the grains' surfaces smooth.
During the polishing process the
surfaces of the grains are compacted
and hardened.
Polished powder will not shed dust
as easily as unpolished
powder during shipping and
handling..."
As for graphite, he says,
"When the plant corned the press cake, in the corning mill, the powder would next require
screening to separate the corning mill product into the specified grain sizes. The corning
process produces a considerable amount of dust that is collected and reworked back into
the powder press. Graphite is added to the powder, dusted on, to increase screening rates.
After the corned powder is tray dried it must be “polished” in the glazing barrels...."