A glTF is often a JSON file with separate data and texture files that must travel together. GLB packs all of it into one self-contained binary file, which web viewers, AR viewers and social platforms prefer.
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. Everything, geometry and colours, goes into one binary file. Models up to 3,000,000 triangles are accepted.