[The definition I was taught many years ago was......
"A screw cuts it's own thread, a bolt or set pin screws into a pre cut thread, a bolt has a hex head, a set pin has a slot".
I obviously don't know how long ago you were taught that, or by whom, but machine screws have been called machine screws, and bolts (and 'set screws') have come with all sorts of heads for as long as I can remember (a good few decades) but, having never heard of a threaded fastener called a 'pin' or (despite eBay) a 'set pin', I can't really comment on whatever properties it might have
Kind Regards, John.