12.1 volts is fine for a non-running engine especially if you have cranked it a few times.
When I was getting into mechanics and older guy at the shop I worked for at the time drummed this into my head for a no start.
An engine needs 3 things to run:
Air
Spark
Fuel
And it needs the right amount of each and at close to the right time.
We can assume it's got air since we are all still breathing.
So that leaves us with fuel and spark. You have already stated it has orange / yellowish spark not blue. That's an issue, is it bad enough to make it not start, maybe, my experience says yes it will prevent it from starting, but I'm also not there watching you perform the test so some variance in what you are doing during the test could change the results.
I'd suggest following a troubleshooting guide is a good idea, but also have this to share. Take the air cleaner totally off the engine. Hook your timing light up to the engine, and have a buddy crank the engine over while you are pointing the timing light into the throttle body just below the injector. If you are getting gas the pulses from timing light make it clear as day and you'll be able to see the fuel spray as plain as day.
Pull a plug out and see if it's wet and smells gas.
If yes you need to do something about that weak spark. If no shoot a little starting fluid in her and crank the engine. If your not getting gas it'll likely fire up briefly and then stall.
Hopefully something there is useful for you.