Does Cryolipolysis reduce the appearance of cellulite in thighs or help tighten the skin in areas such as the upper arms?

Coolsculpting does not treat cellulite or loose skin. It is intended to reduce pinachble fat. Regards, 

CoolSculpting does not directly address cellulite, although some patients report improvement of the appearance of cellulite. This is possibly due to the breaking down of pockets of fat which might improve the
appearance of cellulite on the thighs. In treating the upper
arms, there can sometimes be seen a moderate firming on a patient up
until the age of roughly 40-45.

Coolsculpting is a procedure that removes the fat, the treatment will not address the skin tightening or cellulite. Sometimes patients who have excellent skin tone do come out looking and feeling better pre-treatment, but this is not a treatment for that specific target. Some temporary skin tightening treatments available are used with RF /laser technology.