Poor wording. "Draw time" refers to how quickly you can switch weapons.
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Not exactly here is the proof when i hovered over the Draw Time Tab on the bow it gave this...
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I mean for the Master Work, not the bow.
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Well thats Crap... Why even name it draw time then and not just handling? XD
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Edited by Violet: 10/17/2018 4:13:46 PMdraw time masterworks on bows do increase the speed the bow is drawn, if you level up the masterwork the stat with that visibly changes, so it should let you draw quicker https://imgur.com/a/VLs3vSz you can see the stat indicates change here, so should decrease draw time if the description does as it says
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Handling also affects things like ADS speed.