An answer that doesn't use algebraic expansion :
Let
$$\begin{align} P(x,y)&:=(3x-4x^3)^2+(3y-4y^3)^2\end{align}$$
Making the substitution $u=x^2, \thinspace u\in[0,1]$ and $y^2=1-u$, then we can observe that the polynomial $P(x,y)$ is equivalent to the polynomial
$$
\begin{align}Q(u):=u(3-4u)^2&+(1-u)(4u-1)^2\thinspace .\end{align}
$$
Then using the quick property $Q(u)=Q(1-u),\thinspace \forall u\in[0,1]$ we see that : If $u\in\left\{0,1,\frac 14,\frac 34\right\}$, then $Q(u)=1\thinspace .$
Finally we observe that, if $0<\deg \{Q\}≤3\thinspace ,$ then the polynomial $Q(u)-1$ has at most $3$ real roots, which leads to a contradiction .
Therefore, we conclude that :
$Q(u)\equiv 1\thinspace,$ since $\deg\left\{Q\right\}=0\thinspace .$
This means, if $(x,y)\in\mathbb R^{2}$ and $x^2+y^2=1$, then $P(x,y)=1\thinspace .$