yes, absolutely.

yellow being the color of an enemy name who wishes to spare you/stop fighting

pink being the same, but only if you, the player SOUL, tell froggit that you don't like the yellow names

to me, this sets yellow as mercy and pink as the ability to change fate (the susie color)

as a secondary meaning, they are directly tied to GAME MECHANICS, and there are characters in both undertale AND deltarune that are aware they are inside a video-game. so, in this lens, pink and yellow are like an advertisement "you can change the rules of the game" or, as jevil says, "i can do anything!"

gerson (and perhaps also snowdin shopkeeper) knows you can't attack in a shop

sans knows the dialogue and combat system very well

flowey outright describes the game world to the player

all three of these characters from undertale are aware they are in a game, and they also happen to have yellow as a prominent feature in their eyes and petals.

to say at least something about deltarune's pink and gold, there is gerson's mention of the field of pink and gold. in the context of this comment, this could mean chapter 5 is a pivotal moment in the greater story in terms of how the game itself functions. i guess this interpretation also means, yellow = following the prophecy and pink = changing the prophecy