There is one important thing to know about yellow contact cement. The surface friction of trying to power sand it off will heat up the glue and you will end up with a gummy mess but get no where in trying to remove it.
Acetone is of limited use on old glue, it will work better on fresh glue but on old glue you have to saturate a rag and let the rag sit on the surface for some time. While that works it is basically a terrible thing way to remove the glue. You would need to have full face powered respirator don't do it that way as the fumes are not good for your health. Of course there is also the fire hazard and potential for explosion so forget about it.
I got the best results with good old fashioned elbow grease using 60 grit sandpaper to hand sand it off. It is one of those chores that are simply dreadful to do so put on your face mask, some gloves and some good tunes. Take it easy on yourself, set realistic goals of how many square feet you do before you give yourself a break as a reward. Then get back at it again. No fun at all but that is true of many of the renovation
tasks you will have.