In a more complex expression, I have the term (the only one depending on $\alpha$)
$$\sin^2 (\alpha) \cos^2 (\alpha)$$
and I would like to further simplify it, if possible in either of the following two ways.
Question 1: is it possible that the product of the squares of sine and cosine of an angle $\alpha$ is equal to a fixed value? I have no clue about this and the equality $\sin^2(\alpha) + \cos^2(\alpha) = 1$ seems not to help.
The initial expression can always be rewritten as:
$$\sin^2 (\alpha) \cos^2 (\alpha) = \frac{1}{4} \sin^2 (2\alpha)$$
Question 2: is it possible to rewrite this in terms of $\sin (\alpha)$ or a single power of $\sin (\alpha)$ only? Again, I don't know how to proceed: Sum and difference formulae would get the expression back to the beginning.
If you follow your link to the sum and difference of angles formulae, you'll see just below the double angle formulae, which are direct consequences. One of those is
$$\cos 2x = 1-2\sin^2 x.$$
Let $x = 2\alpha$ and solve for $\sin^2 2\alpha$ to get
$$\sin^2 2\alpha = \frac{1-\cos 4\alpha}{2}.$$
Plug this into the expression you already have:
$$\sin^2\alpha\cos^2\alpha = \frac{1}{4} \sin^2 2\alpha = \frac{1-\cos 4\alpha}{8}.$$