No. It will for sure remove the water spots but you have to check the glass with a blue light to see if the water spots are on the tin side of the glass. If they are CC 550 will react with the tin and haze the glass (AKA Tin etch haze). CC 550 is a strong acid that is very dangerous. Water does not neutralize it but rather just dilutes it, so it is necessary and recommended per the instructions on the label. The acid can also react with the surrounding surfaces so caution is advised. I would not use it for this job.
One restore is an option but will not remove certain staining on glass so it may be hit and miss.
Your best bet and the option I would go with is a polishing compound like the one from stone pro. It looks like a good product and the reps seem to know their stuff and seem very active with their customer base insuring that they are likely to back their product. the bennefit to using a polish is that a good quality one will always work on all stains that can be removed so no risk of it not working like with a chemical that may not react effectively with the type of staining.
The risk with polishes is getting one that is to abrasive and it can leave swirl marks (fine scratches on the glass). Even though many products designed for glass a marketed for glass they often have this problem. Another great quality product is Presto restoration products designed for building restoration: BUILDING RESTORATION PRODUCTS They are great products. Also Dan fields has a great glass polish that will not scratch the glass.
I would go with a good quality polish which is sure to work. Remember to seal the glass afterward to protect it from future staining, which will develop even worse after restoring the glass if not sealed.