Yes, the QN100 Small Quick Draw Collapsible Net could be used for squirrels. Keep in mind the net itself does not collapse, the telescoping handle is what collapses.
Unfortunately, per the manufacturer the QN100 Small Quick Collapsible Net does not actually open and close with the handle or a drawstring, and it would not be recommended for holding a cat. They stated that the net would not be sufficient enough to transfer a feral cat.
QN100 is only one collapsible piece. The net cannot be removed.