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> "Yellow" is often used disparagingly against people of Asian descent.

Has anyone ever (let alone "often") heard the word "yellow" used in this manner?

Not in recent decades. Historically, it was a thing: https://en.wikipedia.org/wiki/Yellow_Peril

Yes, in a line in "Born in the USA." Of course there's an implicit eyeroll there; it's not used to denigrate Asian people.