正如atomic()文档中提到的，它将在异常时回滚事务，因此我认为没有办法在错误期间直接将信息存储在数据库中。
但是你总是可以在原子块之外捕获异常，然后保存错误并像这样重新引发错误：

class MySerializer(Serializer):
    # Some serializer fields here..

    def save(self):
       try:
           self.save_data()
       except ValidationError as e:
           Log.objects.create(error = str(e))
           raise e

    @transaction.atomic
    def save_data(self):
        foo = Foo.objects.all().select_for_update()
        self.do_something(foo)
        self.do_something_else(foo)

    def do_something(self, foo):
        try:
           SomeExternalSDK.doStuff(foo)
        except SomeExternalSDK.SomeException as e:
           raise ValidationError(str(e))

    def self.do_something_else(self, foo):
        pass

或者，您可以创建一个对象变量（如列表），您可以将SDK中发生的异常放入其中，然后将这些错误存储在DB中。
通常，日志不存储在数据库中，而是存储在文件中。您可以考虑将错误存储在文件系统中或使用Django's logging来存储错误，而不是将错误存储在数据库中。

更新

你可以删除允许回滚发生的嵌套异常引发。相反，你可以使用一个标志来在以后引发404。

@transaction.atomic
def save(self):
    license_codes = LicenseCode.objects.all().select_for_update()
    activations = []
    for license_code in license_codes:
        activations.append(
            Activation(license_code=license_code.code, success=False)
        )

    error = self.activate_licenses(activations)  # using flag to see if there is any error
    return error

def activate_licenses(self, activations):
    has_error = False
    try:
        raise Exception("Something went wrong!")

    except Exception as e:
        for activation in activations:
            activation.activation_log = str(e)
            activation.save()
        # flag
        has_error = True
    return has_error


 #view
   def view(request):
    # Let's make sure we have a license code to work with
    LicenseCode.objects.get_or_create(code="A")

    serialier = LicenseRedeemSerializer()
    error = serialier.save()
    if error:
       raise Http404('error activation')

或者，您可以查看保存点，但我不确定它如何适用于您的代码。

你可以使用context manager来代替decorator。例如：

from django.http import HttpResponse, Http404
from django.db import transaction
from .models import Activation, LicenseCode

class LicenseRedeemSerializer:
    def save(self):
        license_codes = LicenseCode.objects.all().select_for_update()

        activations = []

        with transaction.atomic():
            for license_code in license_codes:
                activations.append(
                    Activation(license_code=license_code.code, success=False)
                )

        self.activate_licenses(activations)

    def activate_licenses(self, activations):
        try:
            # In our real app we'd try to activate the licenses with an external SDK. This can fail.
            raise Exception("Something went wrong!")

        except Exception as e:
            for activation in activations:
                activation.activation_log = str(e)
                activation.save()

            # With our real DRF serializer we'd raise ValidationError
            raise Http404("Could not activate the license!")

def view(request):
    # Let's make sure we have a license code to work with
    LicenseCode.objects.get_or_create(code="A")

    serialier = LicenseRedeemSerializer()
    serialier.save()

    html = "Hello there"
    return HttpResponse(html)