No, do not snip it. It has nutrients to help strengthen the chick if I remember right. They need to absorb it. I had a chick this happened to in my last hatch and was told often they die. I made a moist chicken diaper out of a paper towel and kept it around it holding the yolk sac close to the chick. My chick survived.
This is my little one that had not absorbed the yolk. It was tricky because this one had veins going through it. It ended up leaking and it started bleeding and the chick was getting worn down so I clamped it, waited like 1/2 hour with it in my hands (still clamped) and when I let go it was fine. If it is real yellow and has no veins and also if it is doing fine otherwise leave it alone and it will absorb it. If it breaks or leaks you might have to interveine. Mine is doing fine now. Keep us updated.