Oh you did get my hopes up. If you mean the default Dashboard/Appearance/Menus, it has NO drag and drop features whatsoever for me.
I click on any item in the Pages area and try to drag, the moment I leave the Pages area to move toward the Menu area a bunch of stuff on the page highlights, but nothing is actually being dragged.
I have tried it over and over, holding Ctrl or Shift, etc. Nothing works.
Clicking and dragging immediately tries to "highlight" things, not drag them.
Here is the custom Menu and the Pages area. My mouse (unseen) is on Interviews and Profiles in the Page area.
The moment I click and drag it starts to select things and the moment I move right, out of the Pages box, it does a jump select of everything from that point to the end of the column and the entire second column.