You should call CPS only to report child abuse or neglect. You have no reason, or evidence, to believe this woman's child is being either abused or neglected. How she earns her living does not appear to impact the immediate welfare of her child. As long as the child is currently adequately cared for, and attended to, there is no need for you to call CPS, you really have nothing to report to them.
So, my answer is no, you should not call CPS.
As you said, this woman is "addicted" to the money she is now making, and it is her choice whether or not to continue the work that earns her that money. You are not responsible for the choices she makes, you did not turn her into a call girl. If she wants to risk the possibility of an arrest, in order to make a lot of money, that's her choice.
If her current lifestyle bothers you that much, perhaps you should discontinue your relationship with her. Your idea of trying to manipulate her with "tough love"--by trying to get her into trouble of some sort--doesn't sound like a particularly good strategy to express your alleged concern.
It doesn't sound like she wants you to continue trying to get her to stop what's she's doing--you say she gets angry at you--so perhaps it is best if you butt out of her life. She's entitled to make her own choices, including those you don't agree with, and you have a choice about whether to continue the relationship with her. Neither she nor her child seem to be in any sort of immediate jeopardy, or in need of assistance or intervention, and it might be better if you stopped thinking of ways to try to disrupt her life--it's her
life, and her
choice how to support herself and her