We consider a coherently coupled nonlinear Schrödinger equation with modulated self-phase modulation, cross-phase modulation, and four-wave mixing nonlinearities and varying refractive index in anisotropic graded index nonlinear medium. By identifying an appropriate similarity transformation, we obtain a general localized wave solution and investigate their dynamics with a proper set of modulated nonlinearities. In particular, our study reveals different manifestations of localized waves such as stable solitons, Akhmediev breathers, Ma breathers, and rogue waves of bright, bright-dark, and dark-dark type and explores their manipulation mechanism with suitably engineered nonlinearity parameters. We have provided a categorical analysis with adequate graphical demonstrations.