Search Builder Smart Group with Latitude, Street Address criteria 1292 Truncated DB Error
Am I allowed to answer my own question? lol.

I was able to resolve the DB error for this specific smart group by changing the Operator criteria from "Empty" to "Null". So "IS EMPTY" became "IS NULL" and "NOT EMPTY" became "NOT NULL".

Also, I find it somewhat important to note now that whenever I attempted to edit this Smart Group's search criteria, I always had to re-select the "operator", so I wouldn't be surprised if the root of this issue has to do with the "Empty" operators. 

EDIT: There is an open GitLab issue now: https://lab.civicrm.org/dev/core/issues/786