The autoescape would be a protection against cross site scripting, not sql injection. Turning autoescape off would mean you trust what is in "text", wherever it came from, not to be malicious, (ie, it should be impossible for a user to create or modify what is in text). If that assumption is valid, then you are safe against cross site scripting, otherwise, that is a security hole.

autoescape

Controls the current auto-escaping behavior. This tag takes either on or off  as an argument and that determines whether auto-escaping is in effect inside the block. The block is closed with an  endautoescape ending tag.

When auto-escaping is in effect, all variable content has HTML escaping applied to it before placing the result into the output (but after any filters have been applied). This is equivalent to manually applying the escape filter to each variable.

The only exceptions are variables that are already marked as “safe” from escaping, either by the code that populated the variable, or because it has had the safe or escape filters applied.

Sample usage:

{% autoescape on %}
    {{ body }}
{% endautoescape %}