Suppose we seek to show that
$$\prod_{m|p_1\cdots p_n} \Phi_{2m}(2) = 2^{p_1 p_2\cdots p_n} + 1$$
where the $p_q$ are distinct odd primes. We actually prove the more
general result
$$\prod_{m|p_1\cdots p_n} \Phi_{2m}(x) = x^{p_1 p_2\cdots p_n} + 1$$
We start from
$$\Phi_n(x) = \prod_{d|n} (x^d-1)^{\mu(n/d)}.$$
The proof is by induction on $n.$ Note that
$$\Phi_{2p} = (x-1)^{\mu(2p)} (x^2-1)^{\mu(p)}
(x^p-1)^{\mu(2)} (x^{2p}-1)^{\mu(1)}
\\ = \frac{(x-1)(x^{2p}-1)}{(x^2-1)(x^p-1)}.$$
We get for $n=1$
$$\prod_{m|p_1} \Phi_{2m}(x)
= \Phi_{2}(x) \times \Phi_{2{p_1}}(x)
= (x+1) \times \frac{(x-1)(x^{2p_1}-1)}{(x^2-1)(x^{p_1}-1)}
\\ = x^{p_1} + 1$$
and the base case holds. For the induction we must show that
$$\prod_{m|p_1\cdots p_n} \Phi_{2m}(x)
\prod_{m|p_1\cdots p_n} \Phi_{2mp_{n+1}}(x)
= x^{p_1 p_2\cdots p_n p_{n+1}} + 1.$$
We have from the definition that with $p$ a prime not dividing $b$
it holds that
$$\Phi_{bp}(x) = \prod_{d|b} (x^d-1)^{\mu(bp/d)}
\prod_{d|b} (x^{pd}-1)^{\mu(bp/d/p)}
= \frac{\Phi_b(x^p)}{\Phi_b(x)}.$$
This yields for the LHS
$$\prod_{m|p_1\cdots p_n} \Phi_{2m}(x)
\prod_{m|p_1\cdots p_n}
\frac{\Phi_{2m}(x^{p_{n+1}})}{\Phi_{2m}(x)}
\\ = \prod_{m|p_1\cdots p_n}
\Phi_{2m}(x^{p_{n+1}}).$$
By the induction hypothesis this is
$$(x^{p_{n+1}})^{p_1 p_2\cdots p_n} + 1$$
and we have the claim.
Remark. Apparently a much simpler proof uses
$$\prod_{d|n} \Phi_d(x) = x^n - 1.$$
We have
$$\prod_{m|p_1\cdots p_n} \Phi_{2m}(x)
= \prod_{m|p_1\cdots p_n} \frac{\Phi_m(x^2)}{\Phi_m(x)}
= \frac{x^{2p_1p_2\cdots p_n}-1}{x^{p_1p_2\cdots p_n}-1}
= x^{p_1p_2\cdots p_n}+1.$$