You can say it if you want to, but it doesn't really express the idea that you think the baby is cute.
It's used to express the beginning of a more like term, emotional connection, so it could be said about/to a baby you have a long-term relationship with - your own child, niece or nephew, etc.
If you said this to/about a baby you don't have a long-term relationship with, it'd be assumed to be hyperbole.
If you want to address the baby in this way, you'd say, "You have stolen my heart!" Of course, the baby won't understand but the parent will, and might feel flattered.