You need to use a string splitter function. If using SQL2022 STRING_SPLIT will be okay as you will need enable_ordinal otherwise download something like:
SET @String='INDICATOR_USE~A~ADP_HIRE_DT_LOCADP_BIRTH_DT_LOCUSE_STD_HRS_FL~Y~MAP_PAYSERVID_FL~N~VENDOR_FL~Y
~ALT_FILE_LOCATION~WD_EMP~X_INPUT_FILE_S~CP2EMPCAD_T6.DAT~';
DECLARE @String VARCHAR(255);
SET @String='INDICATOR_USE~A~ADP_HIRE_DT_LOCADP_BIRTH_DT_LOCUSE_STD_HRS_FL~Y~MAP_PAYSERVID_FL~N~VENDOR_FL~Y~ALT_FILE_LOCATION~WD_EMP~X_INPUT_FILE_S~CP2EMPCAD_T6.DAT~'
SELECT @String;
; WITH cte as
(SELECT
value
,lead(value) Over(order by ordinal) as ldvalue
FROM
string_split(@string,'~',1))
SELECT
*
FROM
cte
WHERE
value like '%X_INPUT_FILE_S%'