Looking at the list again, I see “The Way We Were” bested another Bond song “Live and Let Die”. I recall reading in the same commentary as “You Light Up My Life” versus “Nobody Does it Better” that for some reason, the Academy tended to look down on Bond movies back in those days for some reason or another in spite of the very well done music and photography and other things.
“Skyfall” won best song for a Bond film in addition to the bad Sam Smith song for “Spectre.”
Another good one was Chris Cornell’s “You Know My Name” from “Casino Royale.”