Extremely unsafe to pull an un-level trailer. Although not uncommon for an unloaded trailer to ride slightly high. This allows it to drop to level when loaded. If your trailer rides high when loaded, try a different size drop/lift hitch to get it level.
Each axle of a trailer has a maximum capacity. For example, a gooseneck I just looked at with a friend had 3500 lb. axles, and a max weight of 8,000. If you fill it to capacity, and then fail to level it, you will have a single 3500 lb. axle holding almost all of that weight (especially if it is tipping backwards, removing the weight from the hitch as well as the front axle). At best, you end up with a blown rear tire; at worst, structural failure.
This ignores how much harder it is for your horse to balance.
I’ll also add that you can create this problem, to a lesser degree, by pulling a trailer with a tire that isn’t inflated to full spec. A tire that is lower than the others can still look fine to the eye, but doesn’t carry its share of the load when you trailer. That’s why I never load a horse without checking the pressure in all four tires and fixing anything that is low with a portable compressor.