SQL92_SECURITY and ORA-01031

SQL92_SECURITY has changed its default value to TRUE starting from 12.2.0.1: Upgrade Guide.
That might lead to ORA-01031: insufficient privileges errors being thrown in runtime as the following script demonstrates.

SQL> grant create session, create table, unlimited tablespace to tc_data identified by tc_data;

Grant succeeded.

SQL>
SQL> create table tc_data.t
  2  as
  3  select *
  4    from dual;

Table created.

SQL>
SQL> grant create session, create procedure to tc_app identified by tc_app;

Grant succeeded.

SQL>
SQL> grant delete on tc_data.t to tc_app;

Grant succeeded.

SQL>
SQL> create or replace procedure tc_app.p
  2  is
  3  begin
  4    delete tc_data.t
  5     where dummy = 'X';
  6  end;
  7  /

Procedure created.

SQL>
SQL> exec tc_app.p
BEGIN tc_app.p; END;

*
ERROR at line 1:
ORA-01031: insufficient privileges
ORA-06512: at "TC_APP.P", line 4
ORA-06512: at line 1

Although the procedure is valid, it throws an ORA-01031 error as soon as the statement refers to any table columns including pseudo-columns, such as ROWID (I have tested it only for ROWID).

I have even seen a case similar to the one below, when the code throws an error depending on its input parameters:

SQL> create or replace procedure tc_app.p_collection(p_tbl sys.odcivarchar2list)
  2  is
  3  begin
  4    forall i in 1..p_tbl.count
  5      delete tc_data.t
  6       where dummy = p_tbl(i);
  7  end;
  8  /

Procedure created.

SQL>
SQL> exec tc_app.p_collection(sys.odcivarchar2list())

PL/SQL procedure successfully completed.

SQL> exec tc_app.p_collection(sys.odcivarchar2list('y'))
BEGIN tc_app.p_collection(sys.odcivarchar2list('y')); END;

*
ERROR at line 1:
ORA-01031: insufficient privileges
ORA-06512: at "TC_APP.P_COLLECTION", line 4
ORA-06512: at line 1

I can imagine that Oracle has not implemented the behavior when the code does not compile if it is known that there is a missing privilege due to SQL92_SECURITY=TRUE - it is just an instance parameter and it can be changed back and forth. Thus, it would make the status of the objects misleading. For instance, a valid PL/SQL unit with SQL92_SECURITY=FALSE, should either become invalid or throw a runtime ORA-01031 error when SQL92_SECURITY=TRUE.
However, it might come in handy to have a PL/SQL warning at least to identify possible missing privileges.
It can also be a good idea to change the scope of the SQL92_SECURITY parameter and make it one of the PL/SQL compiler settings of the stored objects shown in DBA_PLSQL_OBJECT_SETTINGS.