Black on starboard luffs up because yellow is near on port (black wouldn't have luffed if yellow was ducking)
No, Black luffed to hinder Yellow - that's part of the game in match racing. Alternatively, they could have hunted them (turned down, but not below a beam reach).
. . yellow luffs up fraction of a second later, both apparently have no rights while luffed . . .
Luffing does not abrogate your rights or obligations. Black is on starboard until they pass head to wind. Yellow is on port.
. . . black first out of luff still on starboard, yellow comes out of luff fraction of a second later still on port instead of completing tack which would have avoided collision,
Yellow's only obligation is to
keep clear(rule 10). Black has an obligation when she changes course, to give Yellow
room to
keep clear (rule 16.1).
port collides with black, black penalised.
. . . because Black did not give room to keep clear.
I assess the Corinthian part of the sport I am watching and swim to the beach
That's your choice, but this is all part of the game in match racing.
There are two umpires in the boat and they role play. One will be the yellow boat (which just happens to have yellow sails in this scenario) and the other will be the blue boat (black sails in this scenario). They carry on a constant conversation something like this:
Blue: 'Right-of-way starboard boat'
Yellow: 'Agreed, keeping clear'
Blue: 'Luffing - must give you room'
Yellow: 'Doing what I can'
Blue: 'Bearing away; Do you need more room?'
Yellow: 'Also bearing away, need more room'
Blue: 'Contact; did not give room'
Yellow: Agreed. Yankee flag; penalize blue.
Match racing is like watching two gladiators going at it - when both competitors are good at it.