We just have a single settings.py and use django-environ to populate it.
# settings.py
from environ import Env
ENV = Env()
DEBUG = ENV.bool("DEBUG", True)
SECRET_KEY = ENV.str("SECRET_KEY", "debug-secret-key")
ALLOWED_HOSTS = ENV.list("ALLOWED_HOSTS", default=["*"])
...
# Running with local .env
$ foreman run -- python3 manage.py runserver
# Running with prod.env
$ foreman run -e prod.env -- python3 manage.py runserver
It's easy and scales well with a lot of settings/environments/developers.