Would you prefer 'reality' instead?
It is my understanding that the term 'the street' is just slang for what happens outside the dojo - the application of Aikido in life - unless a person is speaking specifically about 'streetfighting'. In this regard, life is the ultimate test of training.
My favorite slang term for all things outside the dojo is 'this is where the rubber meets the road'...
I think the most dangerous situation we can face is not realizing the consequences of our ignorance as we bow to the shomen before leaving the dojo.