Hi Mark,
Thank you for your question, I might actually do the same. I just had issues on a model with 2 M2M relationships (one using an intermediary table, one without).
I would just caveat what James Schneider said, there are some differences. My simply M2M relationship threw me Field Required Errors while the one using a intermediary table didn't, implicitly making the field required=False.
It seems like the default M2M is required as expected[1], but it's tricky to have the M2M through relationship not throw the same error.
Best,
John
Note: I noticed this through DRF, haven't tested on a small reproducible case in pure Django.