A 'V' belt transmitts force through through the sides of the belt contacting with the sides of the pulley.
Belts age in different ways: They usually get hard and begin cracking at the lower portion on the 'V'. Their sides get 'glazed' - and don't grip the sides of the pulley as well, thus they slip and that's the squeal you hear.
Belts shouldn't squeal. When they do, it's time to replace them.
IMO belt dressing is pretty much useless.