No. There are other fouls that have no yardage assessed - fouls that are loss of down only eg NCAA 7-3-4 Eligibility lost by going OOB. You wouldn't expect to see a flag waved off for that.
The flag and the subsequent sideline warning signal get their attention, you'll rarely need to throw a 2nd one in a game.
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Sorry Death, you lose.... It was Professor Plum!
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