Вы можете использовать рекурсивный запрос:
with cte as (
select convert(varchar(max), left(str, 2)) as val2, convert(varchar(max), stuff(str, 1, 2, '')) as rest, str
from (values ( 'aabbcczx' )) v(str)
union all
select left(rest, 2) as val2, stuff(rest, 1, 2, '') as rest, str
from cte
where rest <> ''
)
select str, val2
from cte;