Yes, text to Columns would work well for splitting tasks in a very uniform dataset. However, if you want to extract say Lastname from a column containing names some of which may have middle names (i.e., the dataset is not very uniform), then text to columns would not work correctly.
Also, if you would like to do more than substring extraction, say convert "FirstName LastName" into "f.l." or "lastname, firstname", then Text2Columns won't be sufficient by itself. You would need to do more post-processing or would need a more sophisticated scripting capability.
Also, if you would like to do more than substring extraction, say convert "FirstName LastName" into "f.l." or "lastname, firstname", then Text2Columns won't be sufficient by itself. You would need to do more post-processing or would need a more sophisticated scripting capability.