This is speculative since I’ve never done it. I don’t think it would hurt the microwave oven but it might hurt your clothes. It certainly won’t give you the results you would get in a clothes dryer. I don’t recommend it.
Microwaves will only penetrate about an inch or so, so you’re bunched up clothes will only dry on the outside.
Drying clothes in a fixed, bunched-up position will have an effect tantamount to ironing wrinkles into the clothes.
Microwaves excite the water molecules, which will boil off. This will expose the fabric to much higher temperature than it might in a clothes dryer, although I don’t know the ramifications of that.
I believe microwaves also excite oil molecules. Some synthetic fabrics are made from petroleum products, and I would guess they could get very hot, maybe even melt or burn.
Hang your clothes to dry.