What does Drake mean?
English surname-turned-given-name from the Old Norse byname Draki or Old English Draca, both 'dragon', ultimately via Latin draco from Greek drakon 'dragon, serpent'. Flag: it coincides with the unrelated English word 'drake' meaning 'male duck', and the medieval byname's sense is sometimes read as 'dragon/standard-bearer (banner)', so the dragon reading is well-supported but not the only one.
What does Legend mean?
A modern word-name taken straight from the English word 'legend' (ultimately from Latin 'legenda', 'things to be read'). It is an aspirational virtue/word name with no older history as a personal name.