Here you'll always get two separate db calls, and adding select_related() anywhere won't help at all. One extra db call isn't that significant.
<ul>
{% for obj in myobjects %}
<li>{{ myobj.name }}</li>
<ul>
{% for relobj in myobj.backwardsrelationship_set.all %} {# hit database at every row #}
<li>{{ relobj.name }}</li>
{% endfor %}
</ul>
{% endfor %}
</ul>
Any idea here?