Вопрос: Как корректно разбить строку на подстроки по разделителю на множестве строк (по датасету)?

Лучший ответ: Привет.
Нужно вовремя остановить connect by.

SELECT
       t1.code
      ,regexp_substr(t1.str, '[^\|]+', 1, lvl) AS str_splitted
  FROM test t1
 CROSS JOIN LATERAL (
       SELECT level AS lvl
         FROM dual
      CONNECT BY level <= regexp_count(t1.str, '\|') 
 ) t2

Худший ответ: Необходимо использовать LATERAL (inline-представление), как посоветовал Максим Y 
Но, до версии 12С это было типа недокументированной "фичей" и чтобы ее включить необходимо выполнить:
alter session set events '22829 trace name context forever';

Попробовал в 11g (на dbfiddle.uk) и сработало!

https://dbfiddle.uk/?rdbms=oracle_11.2&fiddle=3aa5...

PS: попробовал у себя на 9i и.... тоже сработало! ))

alter session set events '22829 trace name context forever';

WITH 
  test AS (
SELECT 'проул.' as code, 'проул.|пр-к|' as str FROM dual UNION
SELECT 'ул.' as code, 'ул.|улица|ул-ца|' as str FROM dual UNION
SELECT 'пер.' as code, 'пер.|переулок|' as str FROM dual UNION
SELECT 'кв-л' as code, 'кв-л|квартал|' as str FROM dual UNION
SELECT 'линия' as code, 'линия|' as str FROM dual UNION
SELECT 'парк' as code, 'парк|' as str FROM dual UNION
SELECT 'рзд' as code, 'рзд|разъезд|' as str FROM dual UNION
SELECT 'сад' as code, 'Сад|' as str FROM dual UNION
SELECT 'тракт' as code, 'тракт|' as str FROM dual UNION
SELECT 'тер' as code, 'тер|территория|' as str FROM dual UNION
SELECT 'ст' as code, 'ст|станция|' as str FROM dual UNION
SELECT 'сл' as code, 'сл|слобода|' as str FROM dual UNION
SELECT 'пр-кт' as code, 'пр.|проспект|пр-кт|' as str FROM dual UNION
SELECT 'шоссе' as code, 'ш.|шоссе|' as str FROM dual UNION
SELECT 'пл' as code, 'пл|площадь|пл-дь|' as str FROM dual UNION
SELECT 'наб.' as code, 'наб.|набережная|наб-ая|' as str FROM dual UNION
SELECT 'тупик' as code, 'тупик|' as str FROM dual UNION
SELECT 'мост' as code, 'мост|' as str FROM dual UNION
SELECT 'пр.' as code, 'проезд|пр.|' as str FROM dual UNION
SELECT 'блв.' as code, 'блв.|бульвар|' as str FROM dual UNION
SELECT 'мкн.' as code, 'мкн.|микрорайон|' as str FROM dual UNION
SELECT 'пос.' as code, 'пос.|посёлок|' as str FROM dual UNION
SELECT 'овраг' as code, 'овраг|' as str FROM dual UNION
SELECT 'городок' as code, 'городок|' as str FROM dual
)
SELECT t1.code, SUBSTR(t1.str, 
              DECODE(t2.lvl, 1, 1, INSTR(t1.str, '|', 1, t2.lvl - 1) + 1),
              INSTR(t1.str, '|', 1, t2.lvl) 
              - DECODE(t2.lvl, 1, 1, INSTR(t1.str, '|', 1, t2.lvl - 1) + 1))
FROM test t1,
  LATERAL (SELECT level AS lvl FROM dual
         CONNECT BY NVL(INSTR(t1.str, '|', 1, level), 0) > 0) t2
;

так же есть еще вариант, через преобразование в XML:
WITH
str_csv AS (
  SELECT 'проул.' as code, 'проул.|пр-к|' as str FROM dual UNION
  SELECT 'ул.' as code, 'ул.|улица|ул-ца|' as str FROM dual UNION
  SELECT 'пер.' as code, 'пер.|переулок|' as str FROM dual UNION
  SELECT 'кв-л' as code, 'кв-л|квартал|' as str FROM dual UNION
  SELECT 'линия' as code, 'линия|' as str FROM dual UNION
  SELECT 'парк' as code, 'парк|' as str FROM dual UNION
  SELECT 'рзд' as code, 'рзд|разъезд|' as str FROM dual UNION
  SELECT 'сад' as code, 'Сад|' as str FROM dual UNION
  SELECT 'тракт' as code, 'тракт|' as str FROM dual UNION
  SELECT 'тер' as code, 'тер|территория|' as str FROM dual UNION
  SELECT 'ст' as code, 'ст|станция|' as str FROM dual UNION
  SELECT 'сл' as code, 'сл|слобода|' as str FROM dual UNION
  SELECT 'пр-кт' as code, 'пр.|проспект|пр-кт|' as str FROM dual UNION
  SELECT 'шоссе' as code, 'ш.|шоссе|' as str FROM dual UNION
  SELECT 'пл' as code, 'пл|площадь|пл-дь|' as str FROM dual UNION
  SELECT 'наб.' as code, 'наб.|набережная|наб-ая|' as str FROM dual UNION
  SELECT 'тупик' as code, 'тупик|' as str FROM dual UNION
  SELECT 'мост' as code, 'мост|' as str FROM dual UNION
  SELECT 'пр.' as code, 'проезд|пр.|' as str FROM dual UNION
  SELECT 'блв.' as code, 'блв.|бульвар|' as str FROM dual UNION
  SELECT 'мкн.' as code, 'мкн.|микрорайон|' as str FROM dual UNION
  SELECT 'пос.' as code, 'пос.|посёлок|' as str FROM dual UNION
  SELECT 'овраг' as code, 'овраг|' as str FROM dual UNION
  SELECT 'городок' as code, 'городок|' as str FROM dual
),
str_xml AS (
  SELECT code, XMLType('<a><b>'||replace(str, '|','</b><b>')||'</b></a>') xml FROM str_csv
)
SELECT
    code, extractValue(value(t),'b') str_type
  FROM
    str_xml s,
    TABLE(XMLSequence(s.xml.extract('a/b'))) t
  WHERE extractValue(value(t),'b') is not null
;