Seems like every year out bow hunting I always have a few squirrels that I think follow me all over the mountain because not matter where I go they are always right there in tow.  As far as alerting other animals I have always wondered that also.  I would think elk and deer might heat them, but O also think that squirrels might make that sound alot in the woods, when other squirrels or other animals enter "their area", so the elk and deer mat be used to hearing the sound and thus not pay much attention to the...IMO.

I rarely huntin the timber where the squirells are here so it's never been an issue for me. I have wondered the same thing but have never seen a game animals reaction to it for a positive answer. I would bet it's like anything else when it come to the animals out there though. It might not mean much to a younger or inexperienced animal but I would be willing to bet that your wise old bucks or bulls pay a little more attention to it.

I know when I was a kid in northern Wisconsin sitting in a blind it was not uncommon for a squirrell to alert me that a deer was approaching on one of the trails leading to where I was.

Not sure how much elk or deer pay attention to the alarm since they seem to be alarming all the time. However, once I am busted by a squirrel I give a few low calls on my cow call just in case. I figure it sure will not hurt and just might help.  They can really get under my skin at time but then I guess they are doing what squirrels do. A couple of years ago I was taking a rest watching a game trail and a little red squirrel climbed on my boots eating a pine cone looking for the “bad guys” It was pretty funny watching that hyper little dude.

I have seen the suirrels start acting up anytime another animal comes in.  Deer, birds, other squirrels.  I just think they are jittery critters by nature, so I would not be too concerned.

The couple I have seen that start screeching as a deer was approaching did nothing to the deer.  The deer looked up, and if they didn't sense anything, they went on their way. I think they tend to trust their own senses more than the other animals of the forest.

Only problem I have with the suirrels is watching them collect all the apples from the trees in the orchard we hunt.  I keep yelling at them to leave some for the deer...