From what I've seen on public servers, people just don't slow down for yellow flags. If I see one I normally don't slow down much, but I look at the map and keep a lookout, and drive around the crashed car. I don't remember ever hitting anyone. If I did slow down, everyone would just sail past me, at least on open servers. Of course it's not right, and I'm not saying it is, but if there was the risk of a penalty - or death - as in real life, then people would.
If I were you I would have pitted straight away. It's a six lap race, it's not a big thing - get over it and wait six minutes for the next one, or re-join and practice for a few laps. If it was a longer race then obviously it's a different thing - I would have stayed where I was, let everyone go by, and then carried on. If there was enough of a gap then I probably would have quickly moved to the side.