A 50 amp 2 pole breaker is basically made of 2, 50 amp single pole breakers (not 2, 25 amp breakers).
So yes, each wire needs to be able to handle 50 amps, and if both wires were pulling 50 amps, the total amp draw of the device would still be considered 50 amps.
If you were to look at it on an oscilloscope, each wire wouldn't actually be pulling full amperage at the same time. As the sine wave goes up on one wire, it's going down on the other wire, so that's why it's not added together.
I kind of just made that explanation up off of the top of my head, but I think that's how it works.
