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I'm preparing for the UGC NET. In between there are a couple of SET exams taking place.

How useful is the SET if I do not have a particular state I am interested to teach in ?

I'm giving the NET primarily for the JRF to fund my PhD. SET does not have any fellowship. NET would obviously be preferred over a SET candidate in colleges. Once NET cleared, it is applicable all over India. Whereas a SET limits one to a particular state.

Should I invest time and money on SET exams ? Or just focus 100% on NET ?
For the universities and colleges in the state where you would give SET, there is no difference between NET and SET in terms of preference, although a JRF candidate would usually be preferred for PhD. If you have got a state in mind, then it can't harm to sit for both. The syllabi are not that different from each other.
What if there is no state I'm interested in and I'm more interested in first going for a PhD ?