Let $a \in \ell^p$.
Suppose $\|a \|_p = 1$, i.e.,
$$ \left( \sum_{n=1}^{\infty} |a_n|^p \right)^{1/p} = 1. $$
Does this, in fact, imply that $|a_n| = 1,$ for all $n$? If not, what exactly does it imply about the individual elements of the sequence $a$?
No. Consider $p=1$, and take $\sum_{n=1}^{\infty} \frac{1}{2^n}=1$.
If $a_i=c$ for any $x \in \mathbb R \setminus \{0\}$, then the series diverges.