The trouble with yellow cards for diving or arguing with the ref is that - unless it’s the second in the match - they have no immediate impact on the transgressor or his team. I know there can be a later penalty when a ban results from them being totted up but, in the heat of the match, that is too far away to worry about.
I agree reducing the time wasted dealing with diving and arguing would be good for the game but MORE yellow cards isn’t the answer. Why can football not adopt ideas from rugby and impose an immediate punishment; yellow card - 10 minutes of the pitch; argue with the officials - move the free kick into a more advantageous position. Even one of our football prima-donnas might learn to control themselves if the punishment happens immediately.
Of course in soccer just moving the free kick 10 metres doesn’t make much difference (most of them aren’t taken within 10 metres of the foul anyway 
) so I would propose marking two spots 5 metres or so outside the penalty box. Argue about a free kick in the middle of the pitch and it is immediately moved to one of these spots; argue about a free kick within - say - 20 metres of the goal line and it becomes a penalty; argue about a penalty and the goalkeeper is removed leaving an open goal. I would also like to see the equivalent of a “penalty try”, if a goal was certain to be scored apart from a professional foul it should be awarded as a “penalty goal” - not a free kick or penalty.