The specific type of yellowing here seems to indicate a nutrient deficiency, no? If it was caused by overwatering, the yellow would be spreading over the entire leaf or in splotches.

yep, they are hungry feeders. it needs more light. outside light shade is right, but indoors it needs some dappled sun for a few hours to look good: your petioles are too long.

the reason it's bending stems - it needs more water: the pot is too small for it: you can keep it in it, but it'll need to be watered ev 2nd day.

they can be tricky though: too much water and it'll rot the tuber. don't let it go dry more then an 1-2" on top. give it some time release granules or balanced fertilizer.

most alocasias with age develop a trunk: that's where you can cut it for rerooting and the remaining stub should resprout. but yours looks too young to have a trunk: all petioles are coming up from the soil. if you've never done it with other alos I would not recommend doing it : you might kill the plant altogether. in any case this is best done with temps above 80F : that's when they grow and recover fastest.

basically its a large plant - you can't dwarf it. you can remove a couple of older leaves, feed it and it should produce shorter new leaves in better light, IF you can give it better light. it should be more compact with upright petioles.

have a look at this pic : those are bulbils, they are connected to the tuber by stolons and the longer they grow connected to main tuber, the faster and bigger they develop, WHEN they develop into new baby plants (that stay much smaller for sev years). most alo's grow bulbils like that even when they are young plants. during repot the stolons break off easily and then it's good to collect them and try to resprout them in controlled conditions. I prefer to collect them ev 3 yrs approx., as the 1yr ones are too small to bother with. but every year they get bigger. sometimes even very young ones sprout but they grow ultra slow when connected to the mother-tuber.

I only grow Alocasia Poly (African mask) indoors due to size limitations.

you can have a look at my posts in Aroid forum on propagating it from bulbils.

they can be deep or at any height: the only way to know if you have them yet is to unpot and look thru the soil. you can try doing it without disturbing the roots too much.