Could someone explain the squeeze function

I'm new to matlab and struggling to understand the squeeze function, what does it exactly do?

[KALYAN ACHARJYA]

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Answer 1

[KALYAN ACHARJYA]

Question: would it be possible to extract the row 1 column 2 value from each layer of myimage?

Yes

 data1=myimage(1,2,:)

And As per title of the question RGB values extraction-

red=myimage(1,2,:,1);
green=myimage(1,2,:,2);
blue=myimage(1,2,:,3);

Same for second case.