Bag 2 is supposed to be yellow tagged regardless. The logic being, as I see it, that you can't expect staff to parse all the relevant factors (emergency exits, row 1s, CW, First etc) so it's a flat instruction to label all second bags. At an individual level - since you need do no such parsing - that seems crazy, but equally it is completely accepted that your yellow tag item may not end up in the seat in front of you given your precise seat.

I imagine the cabin crew had fed back about how patchy yellow tagging is, hence the desire to simple and blanket rules. There's no need for you to remove the yellow tag, it can go in the locker, since cabin crew will hardly go around CW - where there is plenty of space anyway - handing bags down for floor storage.