The problems people have with wp-cron are not related to load. They’re related to making it work properly in the first place. Some servers don’t like the way wp-cron is invoked asynchronously. This is usually due to poor server or DNS configuration.
And every time you create or edit a post, a new wp-cron job is created to make it attempt to do pingbacks and trackbacks.
If your server cannot connect to itself, then wp-cron will not work and you’ll get a lot of attempts by your site to hit wp-cron, which will all fail. This doesn’t cause load issues, but it does mean that pingbacks/trackbacks don’t work, future posts don’t post, etc.
Tell BlueHost to fix their servers so that the site can connect to itself to invoke the wp-cron process, and then it will run properly and the problem will go away. Also tell them that if they have a firewall which prevents your site from contacting other sites (for, say, pingbacks), then they need to turn it off or allow it to go through or something like that.
You can also disable pingbacks yourself temporarily, if you like. Look in the settings for “Attempt to ping links in the post content” or something to that effect, I don’t recall the exact wording.