A single cursor per database is not necessarily preferable; it is simply the default behavior.
The rationale is that different databases are most often found on different servers, use different mechanisms, and / or require different initialization parameters. (Otherwise, why should you use different “databases” in the first place?)
In your case, if your two databases are just table namespaces (which should be called "schemas" in SQL jargon), but they are on the same MySQL instance, then, in any case, they use the same connection. (How to configure Django to do this is actually a completely different question.)
You are also right that one connection is better than two if you only have one thread and you really don't need two working databases at the same time.
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