Yes they should, cynical fouls are simply part of the game and often elegant when they're not dangerous. The player is making a trade-off and can't commit such fouls when already cautioned. The big problem is that some players from certain teams can get away with making 4 fouls before even being shown a card.

The blue card doesn't solve the issue of the fact that referees hardly enforce the rules consistently enough anyway.

Going down to 10 men in football for any period of time is insanely expensive, and we need less referee ambiguity determining the fate of games instead of more.

Yellow cards are already quite taxing in themselves over a season or tournament due to how accumulating cards result in suspensions.