Pick elements from list "separately"

mylist = {1, 5, 7, 3, 4, 7, 2, 9, 9, 1, 10, 12, 2, 64, 34, 64};
selector = {1, 1, 1, 0, 0, 1, 1, 0, 1, 1, 1, 0, 0, 0, 1, 1};

pick = Pick[mylist, selector, 1];

split = Length /@ Cases[Split[selector], {1 ...}]

{3, 2, 3, 2}

Internal`PartitionRagged[pick, split]

{{1, 5, 7}, {7, 2}, {9, 1, 10}, {34, 64}}

Because your selector is 0 or 1, SplitBy can be used as follows.

Select[SplitBy[mylist*selector, Positive], #[[1]] > 0 &]

You can combine Map, Take, and SequencePosition:

Map[Take[mylist, #] &,
 SequencePosition[selector, {1 ..}, Overlaps -> False]]

(* {{1, 5, 7}, {7, 2}, {9, 1, 10}, {34, 64}} *)