This last year has brought a new dimension to the whole argument as most sessions have been via digital media such as Zoom or Skype: so you can perhaps get away more with using lyric (or musical score) sheets and hope no-one notices that you are not doing a song (or tune) entirely from memory!
I haven't done a Zoom singaround, yet. But it seems the perfect opportunity to, apparently, keep your eyes on those you're sharing the session with. Just use a split screen to view the Zoom attendees on one half screen and the lyrics in a word page on the other half.
Alternately, if it's a new or uncommon song, throw the whole page up on screen while singing, and 'share' that screen. Anyone wanting the words can then do a quick screen-grab.