Okay, for the knee pain it is dependant but we can narrow it down. If your knee pain is a creaking and popping then yes as it'll keep your joints warm and warm fluid keeps it lubricated. If your knee pain is a minor tear of either the LCL MCL ACL or PCL then no it will absolutely not help. As you've said you've had this injury before and it is due to general instability in your knee if you've been cleared of all ligament damage from a doctor then it's purely a stabilization issue and it will help as it sucks your knees into the anatomical position. I have a few tests you can do to see if it's ligament damage if doctors are really an option right now but just cause you get negative results doesn't mean there couldn't be ligament damage although if you get a positive result it would indicate a damage that requires time to heal (time off entirely from squating.
You say when your sitting down you get the pain, is it the upper lateral part of your knee that you get the pain or is it more medial? The more info given the easier it would be for me to get an idea of what you have and could do to help.
(Disclaimer I am no doctor but I am very very well versed in knee injuries and have a lot of experience treating them)