Is the first draft of a novel solid and reliable?

Today, I finished my first draft of my novel, “Weekend in Rio”. It takes me over three months to complete it, but it is worth it. I assume that this is a big step, but only the first one… Cutting, changing, adding things is the next riddle!
What is your opinion about a draft, even the first one? Is this draft a guide, or could be an unreliable piece of work?

How important is the overlook by an editor?

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