Well the entire thing is highly legendary so as you said, depends on sources doesn't it?

For what it's worth more Chinese people go by Sima Qian's "Records of the Grand Historian", which places the Yellow Emperor as the first of the Five Emperors, in fact most "historical" (I'm using historical in the sense of classical history, like Sima Qian's records) sources would classify The Yellow Emperor as being among the Five Emperors, as he was more attributed to be sagely rather than godly (though....Sima Qian did write that he was born of a virgin birth with 20 months of pregnancy...but he was definitely meant to be a man, not a god, which is what generally sets the Three Sovereigns apart).