We investigate theoretically the nonlinear dynamics induced by an intense pump field in a disordered planar microcavity. Through a self-consistent theory, we show how the generation of quantum optical noise squeezing is affected by the breaking of the in-plane translational invariance and the occurrence of photon localization. We find that the generation of single-mode Kerr squeezing for the ideal planar case can be prevented by disorder as a result of multimode nonlinear coupling, even when the other modes are in the vacuum state. However, the excess noise is a non-monotonous function of the disorder amplitude. In the strong localization limit, we show that the system becomes protected with respect to this fundamental coupling mechanism and that the ideal quadrature squeezing generation can be obtained.