Yes, it is. Spoken with an accent it could even be puzzling. A mother is "with child" if she is pregnant. A mother is "with her child" if they are simply together--a mother pushing a baby in a stroller is "with her child." Hearing "with child," I would wonder "did the speaker really mean 'pregnant,' or did she mean to say ''with her child?'"
In the United States, if a woman is pregnant, and has said so to everybody--then we would say "she is pregnant" or "she is expecting." If a woman has not told people that she is pregnant, then it would be impolite to discuss it openly.
Fifty or a hundred years ago, the word "pregnant" was not polite and you will read various euphemisms in older books.