Butterfly arm exercises are basically structured to target the muscles of your chest, neck and shoulder areas and arms. You can do workouts of either low intensity or high intensity according to your fitness level and comfort zone. However, if you want to lose fat, you workout intensity should be just outside your comfort zone for better results. You can do bicep curls or aerobic exercises with lighter dumbbells to tone up your arms and this will help bring your fat percentage, apart from giving your neck and shoulder areas amazing shape. So yes, butterfly arm exercises can help you lose overall fat percentages.