It's technically grammatically correct, but outside of a medical context (or military, as stated above), it has, in recent years especially, been heavily associated with incels and other creepy kinds of people. So in effect no, it's not generally considered good to refer to women as "female" in day-to-day speech.

Examples:

"Females simply don't have the emotional capacity that men do, which is why they're so quick to cheat and betray" - typical incel line

"Today on the train I saw a beautiful female with silky hair and clear skin" - kinda sounds like a serial killer