It's not like some onspiracy shit.
#1 - The obvious draw/sketch = art
#2 - The one you mention, draw your weapon when things get hectic
#3 - The Philly slang. In the way he framed it, it would be the Philly version of pop off/crashout. "Yooooo, he drawed/drawled so hard. He just start swinging on niggas!" So replace "Cause niggas that I'm with like to draw when it's sketchy" with "Cause niggas that I'm with like to crashout when things look uncertain"
I keep using the slash because the pronunciation can be generational. In the 90s and 2000s we just said "Drawin." The 2010 kids said "Drawlin" with the L for whatever fucking reason." Today the kids say "Drawn" like it's just one syllable. Philly slang evolves I guess.