The only good reason to believe Time Lords can't get pregnant is the novels, particularly "Time's Crucible" and "Lungbarrow". In these novels, we're told that, since the time of Rassilon, the Curse of Pythia has made it impossible for Time Lords to reproduce in the normal way, so they instead have Looms that each House uses to weave new Cousins. A ton of other novels contradict or retcon this, and there's really no good argument for insisting that "Lungbarrow" must be taken seriously but dozens of other books like "Sometime Never" must be ignored. But even using just "Lungbarrow", all of Gallifrey discovers that the Curse has been lifted when Andred gets Leela pregnant, and it's strongly implied that there have been "old-fashioned" births in secret for a long time (possibly including the Master and the Doctor), so the answer is still "yes", not "no".
Meanwhile, on the TV show itself, there's never been any hint that Gallifreyan reproduction and family is significantly different from human. The Doctor and Susan frequently referred to each other as granddaughter and grandfather all the time. Romana referred to "Time Tots". Most of the post-War Doctors have talked about their children. The Doctor has mentioned his mother, and the Master his parents. We saw women with babies in arms running from the Daleks in the final day of the Time War. And so on. Time Lords get married, have children, have mothers and fathers… It wouldn't be surprising to learn that, say, Gallifreyans have a little more control over their reproduction (maybe Time Ladies never need birth control or fertility drugs), but it would be pretty surprising if they laid eggs, or used Looms, based on what we've seen.
(And before someone says "No, only Time Ladies can get pregnant, not Time Lords", we've heard female Time Lords referred to as "Time Lord" as well as "Time Lady", and besides, we know they can change sex when regenerating.)