Are we to take it that r is some fixed constant? I'm going to call it "a" because I want to change to polar coordinates.
Would you believe the path is a straight line?
With x= r \cos(\theta) and y= r \sin(\theta), the equation of the curve becomes r^2= a^2(r^2 cos(2\theta)) or \cos(2\theta)= 1/a^2.
If a^2< 1, then that is impossible- there is no such curve. If a^2\ge 1, that is a straight line through the origin making angle \theta= (1/2)cos^{-1}(1/a^2). In particular, for a= 1, the graph is the x-axis.
More generally, from
tan(\theta/2)= \sqrt{\frac{1- cos(\theta)}{1+ cos(\theta)}}
with cos(2\theta)= 1/a^2
tan(\theta)= \sqrt{\frac{1- \frac{1}{a^2}}{1+ \frac{1}{a^2}}}= \sqrt{\frac{a^2- 1}{a^2+ 1}}
So the path is a straight line, through the origin, with slope
\sqrt{\frac{a^2- 1}{a^2+ 1}}.