It seems like a lot of code to generate the tables in the first place and you STILL need to read the output scripts just to ensure the ORM isn't generating some garbage you didn't want.
That seems like a lot of extra effort when a simple migration service (such as liquibase) could do the same work running SQL directly. No question on "which indexes are getting created and why". No deep knowledge of Django interactions with sql. Instead, it's just directly running the SQL you want to run.