There are no universal standards. It's always necessary to discuss with the boat/team what particular colors/configurations mean and what response you should expect.
That said, generally I think it is more common to treat yellow as "I have a problem" and orange as "here I am doing my deco or safety stop, but no problems" -- but that is very far from universal. Also, two bags on one line is usually a sign for an emergency.
There have been several threads on this lately and some folks are inclined to choose yellow for some perceived visibility improvement or just because they like it. Plus, there are those bags that are yellow on one side and orange on the other, or pink, or black, or whatever....
I think not all divers appreciate/understand that DSMBs are used, more often than not, as a routine part of drift or deco diving. Thus, there needs to be a way to distinguish between that routine use and an emergency like "I need some more gas, so please send a bottle down." Unfortunately, since you can buy pink, yellow, orange, mixed, black, etc., it's going to be hard to have a reliable universal rule. We could all agree on yellow as emergency until somebody that didn't get the memo shoots a yellow bag on their safety stop and gets conked on the head by the cylinder somebody drops down the line.
Since I doubt there will ever be a way to enforce a standard, it's just something to discuss pre-dive.