Hello.
I cleaning my old forstner drills and one have this little screw in shank.
I unscrew it and there was only piece of grease inside. This is a blind threaded hole.
If it was originally made with a Morse Taper then a drawbar makes sense. If it was always a parallel shank then I don't see a purpose in a draw bar. Does it look like it might have been modified? The screw in it might just be to keep the threads clean until needed.
It's for setting the length in a drilling machine, you adjust the set screw which then bottoms out on the chuck/collet , then you can remove and replace in machine without resetting depth stops etc. Hinge boring machine.