Cf. documentation for BLOB constructor:
https://developer.mozilla.org/en-US/docs/Web/API/Blob/Blob
[the first argument] is an Array of ArrayBuffer, ArrayBufferView, Blob, DOMString objects, or a mix of any of such objects, that will be put inside the Blob. DOMStrings are encoded as UTF-8.
I'm not sure how it works under the hood, but basically the constructor expects an array of things it will pack into the BLOB. So, in the first case, you're constructing a BLOB of a single part (i.e. your ArrayBuffer), whereas in the second you're constructing it from 1455338 parts (i.e. each byte separately).
Since the documentation says the BLOB parts can only be arrays or strings, it probably ends up converting each of the byte values inside your ArrayBuffer into UTF-8 strings, which means instead of using 1 byte per number, it uses 1 byte per decimal digit (the ratio of the two result sizes seems to support this, since single byte values are 1-3 digits long, and the larger BLOB is about 2.5 times the size of the smaller). Not only is that wasteful, I'm pretty sure it also renders your ZIP unusable.
So, bottom line is, the first version is the correct way to go.
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