I had to use the Johnstones waterbased eggshell a couple of years ago- it is a mare to hand paint, and rubbish at obliterating the previous/base colour.
I don't have any experience of spraying waterbased paints. I don't have an airless sprayer so my turbine based HVLP is only used for acid cat paints and oil based.
I'd be surprised if the satinwood had oil in it. Oil and water don't tend to play nicely. The Safety Data Sheet does however mention propane-1,2-diol (ie. propylene glycol) which helps waterbased paints to flow. PG is the main active ingredient in Floetrol.
https://www.decoratingwarehouse.co....water-based-satin-health-safety-datasheet.pdf