Is there a way to bulk create custom objects and fields from a WSDL file so I can match the same fields in a dev account?
In short, no. The WSDL doesn't contain all the information needed to create the fields to begin with (e.g. precision and scale) to properly replicate the fields. Instead, you would want to set up a metadata API file and deploy that. Since you can wildcard custom objects, it's trivial to replicate thousands of fields in just a few minutes if you have access to both orgs.
kilrizzy, as sfdcfox mentioned you will want to leverage the Metadata API to migrate or copy objects and fields from one org to another. I'd recommend checking out another thread on Stack Exchange titled, "Copying metadata and code from one Production org to another" for more details.