Not if $S$ has one element.
If $p$ is an irregular prime and $H$ is the Hilbert class field of $\mathbf{Q}(\zeta_p)$ then $\mathrm{Gal}(H/\mathbf{Q})$ has order divisible by $p$ but no inertial element has order $p$.
If $p$ is a regular prime, then $p$ does not divide the class number of $\mathbf{Q}(\zeta_{p^n})$ for any $n$. A theorem of Washington implies that the $\ell$-part of the class group of this tower is uniformly bounded for every $\ell \ne p$. From the class number formula the order of the class groups also become arbitrarily large as $n$ increases. Taken together this implies that the class number of $\mathbf{Q}(\zeta_{p^n})$ is divisible by at least one prime $\ell$ with $(\ell,p(p-1)) = 1$ for sufficiently larger $n$. If $H$ is the Hilbert class field of $\mathbf{Q}(\zeta_{p^n})$ for such an $n$, then $\mathrm{Gal}(H/\mathbf{Q})$ will have order divisible by $\ell$ but no inertial element can have order $\ell$.
Since the prime above $p$ in $\mathbf{Q}(\zeta_{p^n})$ is principal, it (the prime above $p$) splits completely in the Hilbert class field. So in these cases the inertia group above $p$ coincides with the decomposition group. Hnce these examples also demonstrate the stronger claim that not even the union of the decomposition groups above $p$ are dense.