This doesn’t really answer the question, but it seems to be a parser bug (or ‘feature’) rather than a language requirement.
According to My Oracle Support, this seems to have been raised as bug 14196463 but closed with no resolution. It’s also mentioned in community thread 3561546. You need a MOS account, or at least an Oracle account, to see either of those though.
It’s also been discussed in an OTN thread which requires a basic Oracle login rather than a MOS account, as far as I can tell. That also doesn’t have much information but repeats your findings, and also suggests the behaviour has existed back at least to 9.2.0.8 and perhaps much earlier.
The documentation is a bit vague but doesn’t indicate this is expected to be a problem:
For compound queries containing set operators
UNION
,INTERSECT
,MINUS
, orUNION ALL
, theORDER BY
clause must specify positions or aliases rather than explicit expressions. Also, theORDER BY
clause can appear only in the last component query. TheORDER BY
clause orders all rows returned by the entire compound query.
You are aliasing your expression and using that, and it doesn’t say you have to alias particular components (although of course it doesn’t say you don’t have to either).
The behaviour seems inconsistent with the alias being valid for the final projection, and the usual rule about the alias only being valid in the order by clause – this seems to be falling down somewhere in between.