I don't do "oil" fniishes, so I can't speak to that, but lacquer will eventually fill in the grain on Mahogany or Swamp Ash. However, it's a time-consuming and expensive way to accomplish that. Time consuming because you have to finish it, carefully sand it back, then refinish it numerous times for that to work, and you may still end up with visible grain 6 months down the road because even seemingly dry lacquer will continue to shrink for at least that long. It's not a lot, but it's enough to show up on a gloss finish. On top of that, using lacquer as a filler is kinda pricey. You'll end up putting numerous coats on, then sanding most of off before you're filled in enough to be happy. All those lacquer solids just end up on the floor instead of your guitar. Better to just sand off filler than finish - that's really its raison d'etre - then final finish that. It's cheap, fast and effective.
Incidentally, that tendency of lacquer to shrink means you have to be the "Anal Retentive Finisher". Any imperfection, no matter how small, will show up 6 months down the road. So, on surface prep patience is a virtue you'll have to practice diligently, unless you enjoy inventing new cuss words :laughing7: