For each thread form there are two types of insert, partial profile and full profile. A partial profile insert will cut a range of tpi/pitches. The root profile will be set for the largest tpi (smallest pitch) and will be too sharp for lower tpi (larger pitch). So some tweaking of DOC may be needed. In addition the crest will not be formed properly. In contrast a full profile insert will cut a full profile thread, including root and crest, thread but is limited to a single tpi/pitch value. Of course there are also variants for internal/external and LH/RH.
I screwcut a lot of the threads on the lathe, mostly imperial but also some metric. I prefer to buy full profile inserts. It makes life easier and forms a better thread profile. I buy inserts as needed. In practice I cut a fairly limited range of tpi/pitch values. For instance the majority of Whitworth threads I cut are 40, 32 and 19tpi.
For reference, a partial profile insert for metric threads:

A full profile insert for metric thread, 2mm pitch:

Internal and external inserts for Whitworth 19tpi:

Andrew