The <( COMMAND ) Bash construct is called process substitution.
It evaluates the COMMAND inside and redirects its output to a FIFO, a named pipe that gets a virtual file descriptor inside /dev/fd assigned. It acts like a temporary file that contains the output of the evaluated command.
The < Bash construct is called input redirection.
It takes a file descriptor on the right side and redirects its content to the STDIN (standard input) of the command on the left side.
The - is not a Bash construct but an argument for sed that specifies its input file. The special value - means to read from STDIN (which is also sed's default, so it could be omitted).
sed 's/^.*= //' - < <(openssl dgst -sha256 filename)
This line first runs openssl dgst -sha256 filename and caches its output in a FIFO. The file descriptor representing this named pipe is treated as input file that gets redirected to the STDIN of sed 's/^.*= //' -. This sed command reads from STDIN and removes every character before a "=" symbol followed by a space.