Yep, with delete you can search for rows with given values. You can find an example at:
http://blog.fifteentwentyone.co.uk/2010/02/sql92security.html If you have select you can run these queries anyway, so there's no need to go hunting with delete/update.
Setting SQL92_SECURITY to true always required you to have select + delete to do a selective delete. But it's only in 12.2 that this became the default.