This happened as i was applying compound to a finish piece. It was 24 hrs after the last coat of clear had dried.

I’m assuming i had the buffer speed on too high and stayed in that spot for a bit too long and that caused this effect. But is this fixable or would i have to sand the whole area out and re do?

Well, it just happens...too much speed/pressure especially as you get out to an edge. A couple of things....longer on the curing/hardening up process would have helped and just plain staying away from areas like this with a buffer. I've got an air powered mini unit I use around places like that. It's faster than trying to hand buff up something but avoids what happened here.....
So, you know the answer to this....the wrinkling means you've pulled the coating away from your surface, so yeah, it all needs to come off and be done again/blending in/out......

We've all done it at least once.