Yes, BYWORDS is a Scrabble word!

Letter values in Scrabble US: B 3, Y 4, W 4, O 1, R 1, D 2, S 1.

Is it a valid word?

BYWORDS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

a condensed but memorable saying embodying some important fact of experience that is taken as true by many people