If any Page is already published, you will get the “Draft” option here. But if the list Form is in the ‘Draft mode’, you will get the Publish option. If you select multiple page records containing draft and published status, then all those forms will be converted to published status.
If you select all the published page records, it will convert to the draft mode.
Note: You can move into the ‘Draft’ mode only if the page is not published yet.