You say you want REPLACEone that I suppose should remove any existing lines before inserting, but your example indicates that you want something more than UPSERT..
AFAIK, django does not support REPLACE(or sqlite INSERT OR REPLACE, or UPSERT). But your code can be consolidated:
obj, created = Model.objects.get_or_create(field_1='some val', field_2='some_val')
obj.extra_field = 'some_val'
obj.save()
, , , field_1, field_2, ( ).
(a SELECT get_or_create INSERT UPDATE save), , - UPSERT ( , ), , .