You can use the hexadecimal value for backspace:
echo -e "1234\b\b\b56" | sed 's/\x08\{3\}//'
You also need to escape the braces.
sed interprets \b as a word boundary. I got this to work in perl like so:
\b
echo -e "1234\b\b\b56" | perl -pe '$b="\b";s/$b//g'
You can use tr:
tr
echo -e "1234\b\b\b56" | tr -d '\b'123456
If you want to delete three consecutive backspaces, you can use Perl:
echo -e "1234\b\b\b56" | perl -pe 's/(\010){3}//'