It doesn't just lead to problems for the central bank, it's also a waste of taxpayer money and shares many of the same issues as any other kind of central planning.

High inflation also only makes a dent in existing long duration debt. It doesn't do anything to reduce existing short-term debt, nor to reduce the real cost of new debt that comes from new deficits (at least for government debt).

(That is because short-term debt needs to be either paid off or rolled over.)