OK, I think this works.
substrings.png
I have assumed a delimiter both at the beginning and end of the string under test in A4 as well as around the individual substrings in row-3. I changed the delimiter to a vertical bar as it seemed more natural given my changes.
I have tweaked your original formula just a little. The nested substitute()'s are necessary to accommodate the case where there are consecutive identical substrings in A4.
So in C9 copied across to G9:
The Error check formula in B9 is:
Basically it is comparing the number of delimiters in the string at A4 with the totsl number of matched substrings. If there are more delimiters in A4 than there are matches substrings then there must be an unrecognized substring in A4.
See the attached workbook.
Hopefully this works for you.
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