Well, no that is not supported by anyone and especially not by the Egyptians. Where are you getting this info from if I might ask? Women(except some during the armana period), young men and young women and the elders were dipicted with yellow to denote weakness/frail/delicate. Red was the color of evil associated with Set and sometimes Seketh.
If your reasoning was even remotely true then how can you explain green and blue skin?
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