Just a few interesting points on this general subject as I've been talking about this on a couple other forums as well, especially for terrain
several people have suggested that the PVA glue you use be low or non acid (apparently that's part of what interacts with the baking soda, causing issues), to put salt on the wet mixture after application (also, gives it a snow crystal look) and that the main culprit for yellowing is likely UV light
or as one of my chemist friends said:
My guess would be that it is photoxidation of the PVA since it is known to yellow this way - with the foaming up with the bicarb you would have a much larger surface area for reaction with the air, so the yellowing would be likely to be more noticeable than with some other applications. So if you could put a coat of clear varnish over the snow once it sets it would probably stop it. Keeping it out of sunlight should also help. Best of all would be to keep your dioramas sealed under nitrogen or argon.

as I got curious and asked for their opinion
Anyway, my take away from this whole thing would be: at a minimum, if you use sodium bicarbonate (baking soda), seal it afterwards