I think my students also call that color yellow. I think.
Plugging 黃色 into Google Image Search seems to yield some orangey results along with the yellowy ones. Then again, so does the English word yellow.
There’s a card game called Rook that used to have yellow cards that looked orange to me when I was a kid, but I see online that nowadays they’re yellowier (well, maybe, maybe not).
It’s a mystery.