Sure, it costs him his life. He put his entire essence, soul, whatever into it. Just because Piccolo can do one thing, doesn't mean Cell has every single option he does either. Piccolo spit up eggs and beings that hatched from eggs, Cell does not. He shoots them out of his arse, Piccolo out of his mouth. Just like how Cell has psuedo SSJ forms, he doesn't get the same boosts the Saiyans get, he mimics these guys, but he's not exactly like them. I find it doubtful for Cell to be able to create himself again like Piccolo Daimao did.