In your formula, you are trying to subtract a day but your method of subtracting one date is problematic.
IS_AFTER(TODAY()-1 DAY, TODAY())
To add a day to a date, you need to use
However, since you are comparing dates, I recommend using the
DATETIME_DIFF() function instead. Just be careful with the order of your dates, as the order of the dates determines if you get a positive or negative difference
Both of these functions are documented in the formula field reference.
If this answers your question, please mark this post as the solution. Otherwise, could you please give a bit more details and a screen capture?