WITH SampleData AS (
   SELECT val=REPLACE(val, '.', '#')
   FROM (VALUES   ('10.0||14.5'), ('2||34'), ('7.1||19'), ('4||11.7') ) v(val))
SELECT C1=REPLACE(PARSENAME(REPLACE(val, '||', '.'), 2), '#', '.')
    ,C2=REPLACE(PARSENAME(REPLACE(val, '||', '.'), 1), '#', '.')
FROM SampleData;

--just to keep the examples simple 
--I'm using a temp table for the sample data

IF OBJECT_ID('tempdb..#TempTable') IS NOT NULL
DROP TABLE #TempTable

CREATE TABLE #TempTable (
    [Val] NVARCHAR(50) NULL)
INSERT INTO #TempTable
SELECT '10.0||14.5' UNION ALL
SELECT '2||34' UNION ALL
SELECT '7.1||19' UNION ALL
SELECT '4||11.7'

SELECT
    dsk.Item
FROM
    #TempTable AS sd
CROSS APPLY 
    dbo.DelimitedSplit8K(sd.val,'|') AS dsk 
WHERE
    ItemNumber IN (1,3)

/*
Item
10.0
14.5
2
34
7.1
19
4
11.7
*/ 

    
    SELECT 
         dsk1.Item AS FirstVal
        ,dsk2.Item AS SecondVal
    FROM
        #TempTable AS sd
    CROSS APPLY 
        dbo.DelimitedSplit8K(sd.val,'|') AS dsk1 
    CROSS APPLY 
        dbo.DelimitedSplit8K(sd.val,'|') AS dsk2         
    WHERE
        dsk1.ItemNumber = 1
        AND dsk2.ItemNumber = 3

    
/*
FirstVal	SecondVal
10.0		14.5
2		34
7.1		19
4		11.7
*/