Is it bad to use a lot of Custom Meta Fields?

Custom Fields are normally fetched in a single query to the database, so fetching 1 or 10 isn’t going to make a lot of difference in performance of your WordPress site.

The problem is with doing complex meta queries on existing custom fields; that’s when your site would see a performance hit. Obvious, isn’t it?

Also, like @dotwired said, if your pages are cached properly, any possible performance hit can be contained.