Are Yale's “minimum requirements” just a baseline, or are admitted students far above them?

Yale's Single Choice Early Action deadline in the Nov 1 each year. Indian students should use it only if Yale is the absolute choice university and you profile is highly competitive and complete. 

if any of the mentioned conditions are not met, the students should apply in the regular admissions

The University of Oxford has a larger student body than all the Ivy Leagues.

In total, Oxford is known to admit around 26K students at UG and PG levels. For Harvard University, Yale University and Princeton, the total enrollments remain around 19K to 23K. 

Only Cornell stays neck to neck to Oxfor

As such, there is no minimum GMAT / GRE score for Yale Uni MBA. But for the Class of 2027 MBA, the minimum GMAT score is 740. For GRE Quant, the average score is 166 and for GRE Verbal it is 163. The average GPA is 3.69.

Yes, Yale values the subject selection and academic inclination in the Indian high school curriculum.

They look for great performance and consistency in challenging subjects like Mathematics, Humanities and Science. 

It is really good for your profile to be extraordinary in the subjects mentioned

Not at all, Yale University admissions are extremely competitive and meeting the minimum eligibility criteria is not enough for the same. 

The students Yale wants should be well-rounded, meaning they should be breathtaking in academic as well as extracurricullar aspects.  Look at the given