I believe a solid shape of the same shade/color will catch their eye even if held still. I've never felt comfortable in any bright colors in the woods. I've shot enough deer with orange on my head, I should know better by now but I don't. I wear minimal legal orange and hide myself during firearms season. All the same, give me muted colors, or even blotchy patterns of any colors.
Lets say deer can see 3 or 4 colors/shades, it doesn't matter what colors they are, but they can differentiate them. Whether the bow appears yellow or not, its still one solid shape to their eyes and that's not good, not up here anyway.