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Not only is that function "nice to have" for symmetricity with LISTAGG. Much more importantly, it serves a very concrete purpose: It helps with IN lists of unknown length.
Suppose we have a search criteria that checks whether a column's value is one of a list of given values, where the length of that list is not known at development time. The statement would look like
Since we do not know the number of values, we have to construct the IN list dynamically, trashing the dynamic statement cache since each list length leads to a "new" statement that is not found in the DSC.
With the SPLIT function, one could write the query as
Where the list of values would be fed into the parameter marker as a single, comma-separated string of values. Alas, only one single statement in the DSC!
An alternative solution could use temporary tables, but this technique is much easier to implement.