Thank you for your question!
Dr Shane has provided a great answer already so I won't repeat things.
All I would add it that squatting is a great way to strengthen many different muscle groups in the body other than gluts alone. Squatting works of muscles along the posterior chain, which includes your hamstrings, calf muscles and your back. It is a useful adjunct to many different sports, including running, cycling and swimming.
The key with squats is to ensure that your technique is correct, otherwise it can lead to overloading of your back, hips or knees. This in turn can lead to injury and hamper your enjoyment of the exercise. Perhaps it is good to seek professional advice from a personal trainer or Powerlifting Singapore.
Equally, exercise alone is often insufficient to lead to weight loss and a good control on diet is essential. In this situation, perhaps consulting a Sports Dietician is a good idea.
Good luck with your exercise objectives!
BW
Dr Dinesh