No, it doesn't have any model level validation. If you check the
source, it is simply a char field with max length of 15 characters.
It's form field does have validation though, and you can add the same
validator used there as a validator on the model field:
from django.core.validators import validate_ipv4_address
...
ip = models.IPAddressField(..., validators=[validate_ipv4_address])
Also, as you can see in the name, this only supports IPv4. For a more
complete solution (requires postgres) I use the excellent
django-postgresql-netfields -
https://github.com/adamcik/django-postgresql-netfields
Cheers
Tom