I'm not a chemist or knifemaker, but I can read data.
When your edge turns yellow, its surface was probably around 450F or so. The Apex of the edge was hotter.
Depending on the steel, and how long you keep it at that temperature, you might affect tempering. Google the tempering curve for a specific steel you might be interested in. Magnacut, for instance, per Crucible, requires
"Double temper at 300-450°F (150-230°C)".
How much you affect tempering depends on the steel and how the knife was made. But - for a knife with optimized heat-treat - you can expect loosing at least a couple of points in hardness. Of course it will still cut when sharpened, but not as long. Now, again, depending on the steel, you might have increased toughness - good for you

.
This is how you belt-grind optimized/expensive steel. These days, I try to stay away from makers that don't do similar (Photo/Equipment from Josh/REK):
Sharpening is a chore for me. But, I look at it much like at dish-washing after cooking - it has to be done properly. Unless it's a cheap kitchen knife, I use a wet stone. Otherwise, what's the point of this hobby ?