Well, a spare usually gets a lesser title and some lands. For example, Viserys was Prince of Summerhall, and Tommen would have probably gotten that too. And recent practice shows the spare often gets government office too – Daemon Targaryen as Lord Commander of the City Watch, Stannis and Renly on the Small Council, etc.
And they’re useful in times of war as guaranteed loyal commanders – look at Maekar and Baelor during the 1st Blackfyre Rebellion, or Maekar, Aerion, and Aegon during the 3rd, or Stannis during Robert’s and the Greyjoy Rebellions.
But mostly they’re there for dynastic alliances (and you can get land from marriage if you marry an heiress with no male relations) and in case the immediate royal family kicks it.