Thats because it --is part of the delimiter -->, but not part of the delimiter ->.
Even if your data value matters -->, this request should not be an error. Like below.
SQL> select Sys_Connect_By_Path('SomeText B-->More Text' || ':' || 'SomeText A-->More Text', ' --> ') "myNewVar"
from dual
connect by rownum<=3;
myNewVar
----------------------------------------------------
--> SomeText B-->More Text:SomeText A-->More Text
--> SomeText B-->More Text:SomeText A-->More Text --> SomeText B-->More Text:SomeText A-->More Text
--> SomeText B-->More Text:SomeText A-->More Text --> SomeText B-->More Text:SomeText A-->More Text --> SomeText B-->More Text:SomeText A-->More Text
-->, . , chr(1)||chr(45)||chr(45)||chr(62)||chr(1). .
SQL> select Sys_Connect_By_Path('SomeText B-->More Text' || ':' || 'SomeText A-->More Text', '-->') "myNewVar"
from dual
connect by rownum<=3;
ORA-30004: when using SYS_CONNECT_BY_PATH function, cannot have seperator as part of column value
30004. 00000 - "when using SYS_CONNECT_BY_PATH function, cannot have seperator as part of column value"
*Cause:
*Action: Use another seperator which does not occur in any column value,
then retry.
-->, , .. chr(45)||chr(45)||chr(62). , , .
( )
select regexp_replace(Sys_Connect_By_Path('SomeText B-->More Text' || ':' || 'SomeText A-->More Text', ' -> '),' -> ','-->') "myNewVar"
from dual
connect by rownum<=3;
myNewVar
- ( ) -> ( ) , -->. , , regexp_replace -> -->, , --> ->.