"Set" can be used to create both local and global variables in Power Apps, depending on how you use it.
If you use Set within a specific screen, it creates a local variable that is only accessible within that screen. In this case, it meets the requirement of storing data in a variable that is available only to the current screen.
If you use Set at the app level, it creates a global variable that is accessible throughout the entire app. So, it can be used to create both local and global variables based on where you place it.
If you want to create a variable that is only available to the current screen, you should use Set within that screen's context.