Some premium carnaubas, like P21S, are very refined, which takes a lot of the yellow out, but usually not all. Also, the P21S contains other types of waxes, like beeswax, which can also be a yellow or white refined wax. White beeswax is usually slightly yellow or pure white, depending on how it's refined. So, more than likely, the P21S contains very refined amounts of beewax and carnauba resulting in a "whiter" appearing wax. This will significantly lessen the effects of yellowing since the waxes are more refined. Consumer grade carnaubas are not very refined (cheaper), and tend to yellow the most. Using a high quality refined carnauba or beeswax blend, it would take a well trained eye to notice the effects and, in fact, you may not be able to notice it at all, even after multiple coats.
All pure carnauba used in waxes is yellow, usually the #1 Grade powder, hence the designation "#1 Yellow" on many products. However, there are different and lower grades, #2, #3 etc... There is no pure "ivory carnauba" wax. The ivory part is created during the refining process usually from bleaching the wax making it more white than yellow to improve clarity and lessen the yellowing. In order for any wax to appear white, it must be refined and usually bleached white, which I assume is the case with P21S as well. It is a high quality formula, and I wouldn't worry a great deal about it yellowing over time.