Draw length is the distance an archer can pull the bowstring from the ‘at ease’ position to the ‘ready to shoot’ (full draw) position. This is different for each archer due to physical length of their arms. Minimum safe arrow length is determined by the archer’s draw length.
Draw weight is the amount of force needed to pull the bowstring to a certain draw length. The industry standard (from which bows and limbs are compared) is measured in pounds at 28 inch draw length. If a bow is rated at 34lbs draw weight, your fingers will be holding the equivalent of 34lbs of weight at 28" draw. ‘Heavier’ bows offer faster arrow speed, but will fatigue an archer more quickly, affecting ‘form’ and accuracy.