The Chess Mind

Visiting my friend Alex Herrera's correspondence chess website, I came across this position:


(His diagram and arrow.)

It's from the game Walters-Herrera, USCCC18, and of it Alex writes "Draw". Does this mean that the position is a draw (objectively) or that it wound up drawn, or both? Was 1.Kxf6 played, or should it be played, or is it White's threat but with Black to move? I have answers to some but not all of these questions, but for the sake of simplicity, let's set things up this way:

Suppose it's White to move. What should he do, and what's the right result? Work it out, but save your answers for a second post, so that those who come across this post later don't have the solution spoiled for them. I'll offer my thoughts later - if necessary. (If my talented and industrious readers work it out themselves, all that will be left for me is to say yea and amen.)