In American English, “in” the street usually means “in/on the part of the road where cars drive.” Example: “The children are playing in the street. It’s not safe because cars might hit them.” In contrast, “on the street” can mean the same thing, but it can more broadly refer to things near or along the street. Example: “There are a lot of fancy shops on that street.” “The houses on that street are beautiful.” In American English, we wouldn’t use “in” for this broader meaning.

On - a specific street ( I live on Jefferson Street ) In - any street in particular ( There are children playing in the street ) Sometimes they are interchangeable, and sometimes they are not. It's very intuitive at times.

We use both in British English. "I live in that street", "I live on that street" - they both mean the same thing. "They were playing football in the street", "They were playing football on the street".