Varnish does work similarly to gray, but rather than being like gray, which is a process that starts colored and ends white over a few years without issue, it does whatever. I board with a chestnut snowflake mare that is 12 and just now starting to show varnish. And I know of a lady who has an Appy gelding that was born black and now, being 20, is entirely white, but is not gray.
NdAppy also has a progression of one of her mares and the affect of varnish over several years.