I don't see why factory_boy is preferred over creating ORM/model instances directly in Django tests. And the factory_boy website does little to explain the benefits of using it.
It makes sense as an alternative to fixtures, which are difficult to manage, are slow, etc. etc.
But, why not just create model instances as needed for the tests?
If factory_boy completely replaced writing to the db, then fine, I think it'd be very useful in this case, but the the factory boy created django model instances still interact with the database.
Another potential benefit is the support for sequences, but it is not hard to create sequences / sample data without the need for factory boy.
All in all I'm seeing virtually no benefits in using factory boy, vs creating objects/model instances directly.
I hope I'm missing something glaringly obvious!