I've seen this sort of question over and over... never seen a really good explanation of how it actually works.
In a balanced tank/sump system, the tank is full. Any additional water put into the tank causes an equal volume of water to run over the overflow and down to the sump. Tank remains 'full'.
In the sump itself, you likely have several compartments, separated by overflow walls. When running, all of these compartments will also be full, just like the tank, any additional water runs over the walls, and on to the next compartment.
The only section of a running system where the water level varies is in the return pump compartment. This section is not 'full'... and the only way water can get out is for it to be pumped into the display... which is 'full', remember?
All of the other sections of the system overflow, by gravity, when they're full... water level in these containers is set by the height of the overflow. Yes... water height in all of these sections will raise slightly when running, a 1/4" or 1/2" above the overflow entrance. There's a slight delay, based on viscosity, inherent in the system. Still, thinking of these sections as 'full' makes it easier
Whatever volume of water is 'left over' when these sections are full is in the return pump compartment, where it is being pumped to the display tank. As it enters the tank, it causes an equal volume to fall through the overflow, causing an equal volume to fall over each partition wall in the sump, eventually back to the return pump compartment.
So... evaporation will cause the level in the return pump compartment to fall. Everything else is 'full'. That's where your float valve/switch needs to be. If you were to dump an extra gallon of water into the display tank, say... when adding a new fish... the water level in the return pump compartment will rise. Everything else stays the same.
In a well designed system, the sump should be able to handle whatever volume of water falls through the overflow when the pump stops, and the return pump compartment should be small enough so that it doesn't contain enough water to overflow the display tank, should the overflow become plugged.
Everything in balance

Am I making any sense here at all?