At the geometry level, BLEND represents a complete editable project with objects, modifiers, rigs and scenes. GLB represents meshes, nodes, cameras, skins and animations in a scene graph. A flattened surface can be dependable when the receiver only needs final triangles, but it is a destructive handoff when someone still needs editable solids, object hierarchy, animation, vertex attributes or manufacturing metadata. Once those semantics are discarded, converting the file back does not reconstruct the original design intent.
A safer production workflow keeps the richest editable source as the master and creates a separate delivery copy for a named destination. After export, inspect units, bounding-box dimensions, up axis, normals, watertightness, object count and material references in the receiving application. The main BLEND caution is that it it is application-native rather than a stable interchange or delivery format. The main GLB caution is that it is less convenient for hand editing and CAD-grade manufacturing data. These are workflow constraints, not minor technical trivia.
The practical verdict is to choose BLEND when the job centers on authoring and preserving a fully editable Blender source project, and choose GLB when it centers on compact web, AR and real-time delivery with dependable single-file packaging. For 3D printing, the slicer's actual import is the final authority. Confirm millimeter dimensions, orientation and mesh integrity before generating toolpaths, even when the preview initially looks correct.