No he's not. A squad player is somebody who can either come in and keep the team ticking over in the same way that the first choice player is, just not quite at the same level, or alternatively a player who can act as a valuable alternative option if we want to play a different way.
Scott doesn't do either of those things. He is such a huge decline in quality in whatever position we use him in, and his inability to get involved has a negative impact on the team as a whole. The only thing keeping him remotely useful even in this very poor team is that we've somehow bought in players either worse or similar quality (VDB, Sabitzer, so far Mount and Amrabat but it's early days), sold a player that was comfortably better (Fred), the manager doesn't want to use a younger player (Hannibal and even Gore), and we've got a few injuries (Casemiro and Eriksen). It's an incredible failure of squad-building over the last half a decade. In any kind of decent midfield line-up he shouldn't be anywhere near the squad, and that's what we should be building towards.
Pretty much the only thing Scott might be any good for is to bring him on in the last 10 minutes if we're desperate for a goal. But even that should be someone who is a better player overall. He's basically a less useful and less hard-working Fellaini.