Why I am getting the following error, and how can we fix it?

Error 0xc0202055: Data Flow Task 1: The column delimiter for column "Col1" was not found. (SQL Server Import and Export Wizard)

I'm using the latest version (18.11..) of Microsoft SQL Server Management Studio (SSMS) to import data from a 500MB text file that has | as a column terminator. As shown in the image below, I'm using Text Qualifier as double quotes " and there is no | character inside the Col1 column, and the column is delimited by |.