Why didn’t the asteroid that caused the extinction of the dinosaurs on Earth also lead to the extinction of all other living species?

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Why didn’t the asteroid that caused the extinction of the dinosaurs on Earth also lead to the extinction of all other living species?

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Also, while asteroid being the Dinosaur killer is a popular theory, a more recent alternative theory which seems plausible is that Dinosaur were already dying off due to the Deccan Traps (in modern day India) volcanoes spewing lava and greenhouse gasses and alot of sun blocking debris for a few hundred thousand years before the asteroid hit.
While the asteroid hit might have been the final nail in coffin, it’s possible about 75% of animal life had already died due to the mass volcanic event.

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