Set-delayed cement compositions and methods of using set-delayed cement compositions in subterranean formations. Embodiments include a method of drilling a wellbore in a subterranean formation comprising: circulating a drilling fluid comprising a set-delayed cement composition in the wellbore while drilling the wellbore, wherein the set-delayed cement composition comprises: pumice, hydrated lime, a set retarder, and water. A method of displacing a fluid in a wellbore comprising: introducing a spacer fluid comprising a set-delayed cement composition into a wellbore such that the spacer fluid displaces one or more prior fluids from the wellbore, and wherein the set-delayed cement composition comprises: pumice, hydrated lime, a set retarder, and water.