The problem is, the yellow flag warning is at the top of the screen.
When I'm racing close to another car, i.e. attempting an overtake, I'm focusing on the radar and the road just above, basically the bottom half of the screen. I never notice the warning until it's too late. The yellow doesn't register in my peripheral vision like approaching cars do in the mirror. Peripheral vision is color blind and responds to movement, like an incoming dive bomb. The yellow warning letters don't draw attention. The red 3 sec penalty popping up does though