In general, weight loss entails breathing fat out. It is not the same as just waist training. If you go to the gym and lose 20 pounds, that fat does not disappear. Rather, it metabolizes into carbon dioxide, which is exhaled out of your body, as well as through your sweat and urine.
You are reshaped by wearing a corset. It does not transfer the fat you lose through waist training to another part of your body.