Subgraph-based graph representation learning (SGRL) has recently emerged as a powerful tool in many prediction tasks on graphs due to its advantages in model expressiveness and generalization ability. Most previous SGRL models face computational challenges associated with the high cost of subgraph extraction for each training or test query. Recently, SUREL was proposed to accelerate SGRL, which samples random walks offline and joins these walks online as a proxy of subgraph for representation learning. Thanks to the reusability of sampled walks across different queries, SUREL achieves state-of-the-art performance in terms of scalability and prediction accuracy. However, SUREL still suffers from high computational overhead caused by node duplication in sampled walks. In this work, we propose a novel framework SUREL+ that upgrades SUREL by using node sets instead of walks to represent subgraphs. This set-based representation eliminates repeated nodes by definition but can also be irregular in size. To address this issue, we design a customized sparse data structure to efficiently store and access node sets and provide a specialized operator to join them in parallel batches. SUREL+ is modularized to support multiple types of set samplers, structural features, and neural encoders to complement the structural information loss after the reduction from walks to sets. Extensive experiments have been performed to validate SUREL+ in the prediction tasks of links, relation types, and higher-order patterns. SUREL+ achieves 3-11$\times$ speedups of SUREL while maintaining comparable or even better prediction performance; compared to other SGRL baselines, SUREL+ achieves $\sim$20$\times$ speedups and significantly improves the prediction accuracy.