There is really no need to use regexp_instr() regular expression function. If you just need to know if a particular character literal is part of another character literal, instr() function will completely cover your needs:
with t1(col) as(
select 'TCS|XY|XZ' from dual union all
select 'TAB|XY|XZ' from dual
)
select col
, case
when instr(col, 'CS') > 0
then 'Y'
else 'N'
end as Is_Part
from t1
Result:
COL IS_PART
--------- -------
TCS|XY|XZ Y
TAB|XY|XZ N
Edit
If you need to take vertical bars into consideration - returning yes only if there is a standalone CS sub-string surrounded by vertical bars |CS| then yes, you could use regexp_instr() regular expression function as follows:
with t1(col) as(
select 'TCS|XY|XZ|' from dual
)
select col
, case
when regexp_instr(col, '(\||^)CS(\||$)', 1, 1, 0, 'i') > 0
then 'YES'
else 'NO'
end as res
from t1
Result:
COL RES
---------- ---
TCS|XY|XZ| NO
Note: If a character literal is dynamic you could use a concatenation operator || to form a search pattern '(\||^)' || <<'character literal', column or variable>> || '(\||$)'