I'm going to clock in to the: does it work in your game world.

Balance wise, I'd be careful letting them create things beyond basic animals.

But really it matters most if it fits the setting fluff.

I know in mine a combination of high level arcane and divine magic can create life as can other high level magic. Theoretically you also need the appropriate skill set (Craft (Alchemy), Knowledge skills).

So I'd say there's no universal answer only the right one or wrong one for you.