In sense 7 of the entry line, in Oxford Advanced Learner's Dictionary, I see the following sentence:
We live on the Northern Line.
Where line is defined as:
a railway track or other transport route; a section of a transport system or route
What does it mean by a person living ON a railway track or transport route here? It's dangerous to do so, isn't it?
In uses like this, on means nearby, or within easy access to. Similarly (if on a different scale), I would say that I live on the East Coast [of the US], because (or perhaps even though) I am about a 2-hour drive from the beach.
The usage for roads, though, differs, at least in American English. As an example, my house is a 10-minute drive from the nearest exit on the Interstate Highway system, and I describe this fact by saying, “I live just off I-95.” To say that someone lived on I-95 could indeed give the odd impression that, for instance, they slept every night in a camper that someone else was driving up and down the road. On the other hand, it sounds natural to say things like “Some of the major cities on I-95 are Boston, New York, and Washington, DC” even though, technically, I-95 never enters DC, but rather skirts it to the east. And another very common way to describe these cities is as being along the I-95 corridor.
