Definitely yes. A booking means you can stay on the pitch and influence the game but being sent off means you have no further influence. Imagine the outcry if a ref was able to play advantage which broke down and the player that should have been sent off then scores a winner!
He'd be sent off. However, for the second incident the ref would have to stop the game and cannot play and advantage. That's my understanding. A player though would be aware he is under threat of a yellow once play stops so would be stupid to commit another offence.