Think of a glaze as nothing more than a highly transparent (acrylic) paint -- because it has more medium, and less pigment.
If you load up and brush and paint it excessively onto a model, it will work like an acrylic wash (because gravity will make more run into crevices). If you paint it thinly, it will "tint" the color below, which is just a fancy way of saying that your red glaze is transparent and would take a bazillion layers to reach opacity.
Also, be aware that though glazes dry thinner (they have less pigment, ergo, less body), even the medium has some body, and will add to the thickness of the paint, and eventually, will degrade the sharpness of the model's features.
Glazes are also very useful as an alternative to wet blending for creating smooth gradients. In some situations, glazes work better.
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