The two syntaxes are not equivalent and it can lead to unexpected errors. Here is a simple example showing the differences. If you have a model:
from django.db import models
class Test(models.Model):
added = models.DateTimeField(auto_now_add=True)
And you create a first object:
foo = Test.objects.create(pk=1)
Then you try to create an object with the same primary key:
foo_duplicate = Test.objects.create(pk=1)
# returns the error:
# django.db.utils.IntegrityError: (1062, "Duplicate entry '1' for key 'PRIMARY'")
foo_duplicate = Test(pk=1).save()
# returns the error:
# django.db.utils.IntegrityError: (1048, "Column 'added' cannot be null")