Dropping JSONB column in postgres and reclaiming space without downtime

If the drive space is mainly needed for that same table to re-use, just drop the column and vacuum the table (without the full) or leave it for auto-vacuum to come around, and that's it.

since my database does not have that kind of space available, want to make sure does auto vacuum also have same requirement

Unless you took extra steps to disable auto-vacuum, it's been running this whole time on your server: pg_stat_all_tables system view can tell you when it took place most recently. See the server log to check it reported failures. You can see its progress in pg_stat_progress_vacuum.

As outlined in the doc you quoted, regular vacuum reclaims space only for that same table to use (unless it frees whole pages at the end), so you typically won't see as much of a drop in total space consumption as you would in case of vacuum full. It performs an in-place, internal table cleanup, aiming to retain its size, without any attempt to compact it.

If your estimation of the table size is based on pg_total_relation_size(), there's space to be reclaimed not just in/from the table pages, but also its TOAST and indexes.

Indexes are related but separate objects, so space they occupied will be just freed. If you have an index on that one column, you'll be able to reclaim the entire space it used. Indexes using that column with some others will have to be dropped and redefined, which also means some additional free space due to compaction on rewrite as well as lighter structure overall - as long as you have the space to perform it. If you don't, you can save the index definitions before dropping them:

create temp table index_definitions as select indexdef 
  from pg_indexes where schemaname='your_schema' and tablename='your_table';

And once you have the space, re-build them (after editing out the column you're getting rid of)

do $p$ declare indexdef_ text; 
begin for indexdef_ in select indexdef from index_definitions loop
          execute indexdef_;
      end loop;
      drop table index_definitions;
end $p$;

All vacuum by default runs with PROCESS_TOAST=true so your TOAST can shrink as well. When considering a vacuum full after you drop some weight you can consider full-vacuuming just the main table by setting PROCESS_TOAST=false, or just the TOAST by picking it out of the system pg_class:

select reltoastrelid::regclass,  pg_size_pretty(pg_relation_size(reltoastrelid)) 
from pg_class
where reltoastrelid<>0 and 'r'=relkind
and (oid::regclass)::text='your_schema.your_table';

If/when you do vacuum full, you can track its progress in pg_stat_progress_cluster. You can also run it with verbose.

Do I need to upgrade the space before applying these changes (dropping the column)?

You don't. The alter table...drop column on its own doesn't cause a re-write, so it doesn't need space. The subsequent auto-vacuum won't attempt a re-write so it doesn't need it either.

Is there a way to validate this in local?

You can set up a mirror of that system, replicate the table through pg_dump|psql, populate additional tables with dummy records so that you also have exactly the same amount of space left, and run your tests there. Re-writing the table to another system will compact it, so it's not entirely apples-to apples comparison but it's a safe playground to test on.