They aren't kettle bells so no, you won't be able to do the same exercise. Dumb bell squats are fine, you can also do lunges, romanian dead lifts and bulgarian squats, single leg dead lifts
I recently purchased some bowflex 552s as I'm low on space.
1: Can I do kettlebell swings with these? is there any negative to it?
2: Besides lower weight capacity is there anything "wrong" with doing squats with these?
Man...sacrifices his health in order to make money. Then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present; the result being that he does not live in the present or the future; he lives as if he is never going to die, and then dies having never really lived. - Tenzin Gyatso
You might be able to do some variations of kettle bell swings but it might get a little akward as they are bulkier than kettle bells. If anything try them out on a lower weight to get the feeling of the movements.
Doing squats with these would work out well just make sure you have an understanding of the feeling of the weights before going to heavy to quick.