No:

def view(request):
    data = getDataFromSomehwere()

    processedData = []
    for datum in data:
        processedDatum = this that and the other thing
        processedData.append(processedDatum)

    output = render(template, processedData)
    return Response(output)

Yes:

def processData(data):
    processedData = []
    for datum in data:
        processedDatum = this that and the other thing
        processedData.append(processedDatum)
    return processedData

def view(request):
    data = getDataFromSomehwere()

    processedData = processData(data)

    output = render(template, processedData)
    return Response(output)