Good question, I'd actually not really thought of it myself.
As someone who has done both, I can say that personally the GW gloss washes effectively replace the old technique of gloss varnishing and washing. The effect is as close to the same as can be, and looking at my painted miniatures, if I hadn't painted them myself I wouldn't be able to tell the difference personally.
The only time I won't use a gloss wash now is if I want a different colour.
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