By "dataset" you are apparently referring to a dataframe. Let's consider two file formats from which you may be loading: CSV and parquet.
For CSVs, there is no inherent chunking mechanism in the file, so you, the user, can choose the bytes-per-chunk appropriate for your application using dd.read_csv(path, blocksize=..), or allow Dask to try to make a decent guess; "100MB" may be a fine size to try.
For parquet, the format itself has internal chunking of the data, and Dask will make use of this pattern in loading the data
In both cases, each worker will load one chunk at a time, and calculate the column sum you have asked for. Then, the loaded data will be discarded to make space for the next one, only keeping the results of the sum in memory (a single number for each partition). If you have two workers, two partitions will be in memory and processed at the same time. Finally, all the sums are added together.
Thus, each partition should comfortably fit into memory - not be too big - but the time it takes to load and process each should be much longer than the overhead imposed by scheduling the task to run on a worker (the latter <1ms) - not be too small.