GLB and glTF describe the same scene. GLB packs the JSON description, geometry and textures into one binary file, while glTF keeps the description as readable JSON, which you can open in an editor to inspect nodes and materials.
The model is converted as triangles: lines and points are dropped, positions are used as they are, and no axis conversion is applied, so a model that is Y-up in glTF and Z-up in STL, OBJ and PLY is written exactly as it was read. Textures are not carried over, a glTF that points at a separate .bin file cannot be read from a single dropped file, and Draco or meshopt compressed geometry is refused with a message asking for an uncompressed export. The .gltf is a single file with the geometry embedded in it, so no separate .bin file is needed. Models up to 3,000,000 triangles are accepted.