Lets say I have a build uploaded to iTunes Connect that has had a status of "Waiting for Review" for 10 days. If I submit a new build will my app go to the back of the line and have to wait another 10+ days or will I still be in line to get reviewed very soon?
Yes, after you Reject Binary then upload a new one, this puts your app to the back of the line again.
Edit: see this answer, this answer, the later answer on this question and Apple's own dev guide.
Removing a build removes your app version from Apple’s review queue and changes its status to Developer Rejected. When you resubmit your app, the review process starts over from the beginning.
I've also experienced it myself, although that was years ago.
If you reject your binary, you will remove your app from the Review queue. If you then submit a new build, you will unfortunately be placed at the end of the line.
We know this from experience, and it's also indicated by Apple (emphasis mine):
Removing a build removes your app version from Apple’s review queue and changes its status to Developer Rejected. When you resubmit your app, the review process starts over from the beginning.
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