I have never heard of "horse-drawing wagons". There were a couple of hits on Google with that phrase, but they were from the late 19th/early twentieth century.
Student or Learner
I think the difference between 1 and 2 is that in 1, a horse draws wagons while in 2, wagons draw a horse, and rule 2 can be applied to "time-consuming job" as well. Are these two forms universal for any same forms?
At that time, children were being transported to school in all sorts of vehicles, including trucks and horse-drawn wagons. Cyr's conference attracted transpo
If it's used, doesn't it mean this? I know it doesn't make sense, but I'd like to know the general rule.
---wagons draw a horse
"A time-consuming job" is a job which consumes a lot of time. Using the same logic, "A horse-drawing carriage" would be a "carriage which draws (pulls) a horse". That makes no sense at all.
If you insisted on using the same construction as the "job" example, it would be a "carriage-drawing horse". However, that term is not used and it never has been. You can't transfer a construction used in one set phrase to another random set of words.
Remember - if you don't use correct capitalisation, punctuation and spacing, anything you write will be incorrect.