But everyone has a process that works best for him.
This x 2.
Drafts and editing isn't something like spelling and grammar where there are universal absolutes. What passes for a first draft from me would horrify most people. But it works for me.
All that matters is what you've got at the end. How you got there is up to you.
This x 467.
To be honest, I don't think it really matters what a "first draft" is, since it's just part of the process. I'm in the "proofread and revise as I go" camp, so for me the whole business of writing and rewriting is one long ever-evolving "draft". When I think it looks suitably un-horrible, I send it to Miss Beta and hope she agrees with me more than not.
Surely a more interesting question is "What is a 'finished' story?" That's
the part that might require examination and debate.