set back vs delay

set back is not a noun while delay is a noun.

Word	Noun	Adjective	Verb	Adverb
set back	No	No	Yes	No
delay	Yes	No	Yes	No

As verbs, delay is a hypernym of set back; that is, delay is a word with a broader meaning than set back:

set back (noun)	delay (noun)
	the act of delaying; inactivity resulting in something being put off until a later time
	time during which some action is awaited

set back (verb)	delay (verb)
slow down the progress of; hinder	cause to be slowed down or delayed
cost a certain amount	stop or halt
hold back to a later time	slow the growth or development of
	act later than planned, scheduled, or required