For a 12-bit converter, assuming the input voltage is 0-5V, you have 2.5V/4096=0.61mV/ count.
Thus, the TL431 will give you an error of about 26 counts. That is just the thermal drift. And if you do not have a way of calibrating the system, then you need to add the errors due to the tolerance of the TL431 at room temperature. That is another 50 counts or so.
Therefore, I would not recommend it. If you use a 12-bit A/D, spend a little more money and get a suitable reference, one that will give you just a few counts of error over the required temperature range.
Of course, it is your circuit and you decide on its accuracy, but what's the point of having a 12-bit A/D that only produces 8 bits or so?