Is there a way to apply draco compression on a glb or gltf model and download the model using Babylon?
You have to use exporters who can compress the meshes
Adding @bghgary for more info
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I think you are asking for this: Implement Draco-compressed GLB export option in Sandbox’ Inspector · Issue #8046 · BabylonJS/Babylon.js (github.com)
If so, we don’t have it yet. Contributions welcome! 
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In the near term, if you are not tied to Draco, gltfpack with just the -cc option will use meshopt compression. It works pretty well !
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Isn’t there a plan to implement Draco Compression in future versions of babylonjs? It seems that this issue has been set aside for a long time. It would be great if gltf exporter had this option
Unfortunately, not at the moment. But the more people ask, the more likely it will happen. Please drop a comment in the GitHub issue. Thanks!