The draft link is visible via the Preview button while you're building your release. You can share it with anyone — they don’t need a Metalabel account to view it. This is helpful if you want feedback before publishing.
The release URL is the public link (like yourlabel.metalabel.com/release). This is where your release will live once it's published.
Both links are visible inside the Release Builder. Once your release is published, the public URL becomes active and your release will also show up on your label page.