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Yes it is bad. Your center of balance is already thrown off by carrying extra weight. Plus you are more likely to fall in high heels than in flats.
Wearing high heels a lot (i.e. every day) can also shorten your muscles and tendons in the back of your legs - and if you wear them way too much without stretching them back out again, it can be permanent. This causes extreme pain when you try to wear flat shoes. But yeah, pregnancy messes with your center of gravity, throws off your balance, makes your feet swell and hurt, etc, so your feet will probably tell you that it's a bad idea.