A big part of being athletic and being able to jump higher and faster, technique and form. You have to be able to load the correct way, and then also know how to propel yourself upwards. It involves hip drive, ankle extension, using your arms the correct way, etc. All of these are important in getting the most out of being able to jump high.
The squat jump exercise is going to teach you the correct way to jump, by breaking down the different movements. It is also going to give the player plenty of repetitions on practicing the movement. This movement will translate over to the court and help the player become a better rebounder, shot blocker, finisher at the basket, etc. Make sure that when you are in the weight room your are doing basketball specific training that is going to transfer over to the court and help you become a better player.