Yes, if a Digimon with this card in its digivolution cards is itself yellow, the effect activates
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Others are hideously overpowered to degrees it is difficult to even believe
For example, commanders that care about this are Araumi of the Dead Tide by putting a certain creature in our graveyard or The Gitrog Monster by putting a land into our graveyard and letting us draw a card
Neutralization Zone #60 Pokemon Shrouded Fable Keep track of your collection value over time