Nn, one of my college professors went on a rant about this a couple of years ago. The usage of the term "females" is definitely subtly degrading, it's intended use is mainly to refer to animals, or in a very impersonal, robotically descriptive way (think a police officer's radio going off: "suspect, female, mid 20s, wear xyz etc...").
It's obviously not overtly sexist or anything, but I wouldn't be too impressed if I heard a boy my hypothetical daughter was seeing use that term to refer to women either. Obviously not as bad as "bitches", of course
