split-file is essentially a development tool used for writing tests. Other related tooling for this purpose such as FileCheck, count, not and more are already created via add_llvm_utility instead of add_llvm_tool. The later is more meant as LLVM tools used as part of a toolchain (eg. llvm-ar), not for tools for the development of LLVM itself.
The main semantic difference this makes is that split-file is now built and installed via the LLVM_INSTALL_UTILS and LLVM_BUILD_UTILS instead of LLVM_BUILD_TOOLS and LLVM_INSTALL_TOOLS cmake flags. That way one can use LLVM_BUILD_TOOLS=OFF LLVM_INSTALL_UTILS=ON and have split-file installed along side the other testing tools.