Hi Jiana
The short answer is "probably not". You didn't say what kind of orchid you have, but the most common are either Phals (also called "Moth Orchids" ) or Dendrobiums. Exposed (aerial) roots are perfectly normal for both of these. If the leaf that is yellowing is a lower leaf, then that, too, is perfectly normal - and you can expect that the leaf will die. If the plant wasn't mistakenly potted in dirt but is rather in a mix that allows a lot of air to reach all the roots, then everything sounds okay - leave the plant alone, especially if it's in flower.
A yellow tip on an upper leaf could be a sign of disease or over-fertilization. If you want to be 100% sure, slice off the tip with a sterile blade well below the yellow part and dust the exposed edge with ground cinnamon.
Hope this helps.