If you can't find a way to do this with sgplot in your version of SAS (or without using annotate), here's how you could do it in a very straightforward manner with SAS/Graph gplot ...
proc format; value xf 1="very long text long text X very long text long text" 2="long text long text, too X long text long text, too"; run;
data test; x=1; y=2; output; x=2; y=3; output; run;
axis1 minor=none order=(2 to 3 by .2);
axis2 split='X' minor=none order=(1 to 2 by 1) offset=(10,10) label=(justify=center "Will this very long, long, long text split somewhere after here" justify=center "and this further text be line 2?");
symbol1 value=circle height=1.5 interpol=join color=blue;
proc gplot data=test; format x xf.; plot y*x=1 / vaxis=axis1 haxis=axis2; run;
In one of the comments, you mentioned wanting to be able to use this with hh mm ss time formatted values(?) I have successfully used the SAS/Graph axis split=' ' option with the spaces in date values (formatted with nldateymm8.), so I think that should work in time values also. Here's the example with split date values:
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