Drawdown versus loss
A loss can happen when your stock is falling and you're determined to salvage something, so you sell before the stock price finishes plummeting. This doesn't have to happen during a drawdown.
It's much smarter to treat a drawdown as an unrealized loss. Instead of selling, you hold and you wait. Over time, the investment is likely to regain its value.
It may take almost no time to recover, or it could take a few years, but the main difference between a loss and a drawdown is the recovery. If you sell, there's never going to be a potential for recovery. However, if you hold, it could be a simple drawdown and your investment may return to baseline (or better).