The color subcarrier is modulated to a higher frequency, but on an old B&W TV, there are no pixels, only lines. The color subcarrier can appear as a pattern superimposed over the picture if it is not filtered out with a low-pass filter—and indeed, B&W TVs made after the advent of color television contain such a filter, which can be removed if you want to use the TV as a higher-resolution monitor for your home computer (ask how I know...)

The two chroma channels are, however, “rotated”, similar to the way mid-side encoding is done. You take a YUV signal, you extract the chrominance UV channels, and then you rotate them to IQ channels. The I and Q channels are then quadrature modulated with different amounts of bandwidth assigned to the I and Q channels. The I channel gets, like, 3x as much bandwidth.