We study the interplay between the isoscalar (T=0) and isovector (T=1) pairing correlations in N=Z odd-odd nuclei from 14N to 58Cu by using three-body model calculations. The strong spin-triplet T=0 pairing correlation dominates in the ground state of 14N, 18F, 30P, and 58Cu with the spin-parity J^{pi}=1+, which can be well reproduced by the present calculations. The magnetic dipole and Gamow-Teller transitions are found to be strong in 18F and 42Sc as a manifestation of SU(4) symmetry in the spin-isospin space. We also discuss the spin-quadrupole transitions in these nuclei.