High temperature superconductors (HTSs) offer the promise of operating at higher magnetic field and temperature. Recently, the use of high field magnets (by adopting HTS) has been promoted by several groups around the world, including new start-up entries, both to substantially reduce the size of a fusion power reactor system and as a breakthrough innovation that could dramatically accelerate fusion power deployment. This paper describes the results of an assessment to understand the impact of using high field magnets in the design of DEMO in Europe, considering a comprehensive list of physics and engineering limitations together with the interdependencies with other important parameters. Based on the results, it is concluded that increasing the magnetic field does not lead to a reduction in device size with relevant nuclear performance requirements, because (i) large structures are needed to withstand the enormous electromagnetic forces, (ii) thick blanket and n-shield structures are needed to protect the coils from radiation damage effects, and (iii) new divertor solutions with performances well beyond today's concepts are needed. Stronger structural materials allow for more compact tokamaks, but do not change the conclusion that scalability is not favourable when increasing the magnetic field, beyond a certain point, the machine size cannot be further reduced. More advanced structural support concepts for high-field coils have been explored and concluded that these solutions are either unfeasible or provide only marginal size reduction, by far not sufficient to account for the potential of operating at very high field provided by HTS. Additionally, the cost of high field coils is significant at today's price levels and shows to scale roughly with the square of the field. Nevertheless, it is believed that even when not operated at high field and starting within conventional insulated coils, HTS can still offer certain benefits. These include the simplification of the magnet cooling scheme thanks to increased temperature margin (indirect conduction cooling). This in turn can greatly simplify coil construction and minimize high-voltage risks at the terminals.