following = [<User: testaccount1>, <User: testaccount2>]

all_users_list = <QuerySet [{'id': 1, 'username': ‘testaccount1’},{‘id': 2, 'username': ‘testaccount2’},{‘id': 3, 'username': ‘testaccount2’}]

{% for follow_user in all_users_list %}
    {% if follow_user.username in following %}
        FOLLOWING
    {% else %}
        Not Following
{% endfor %}