I don't think it is offensive.
I work with the public and I prefer to say Happy Holidays. I don't know which specific one my customer may be celebrating, nor do they know which one I am. It is the Holiday Season. I think it would be more offensive for me to wish everyone a Merry Christmas, when there is a good chance half of my customers celebrate Hannuka.
For the most part everyone will be celebrating something this time of year.
I do not go into extending a Happy Valentine's Day. That is one day, not a time of year, and probably less rather than more people celebrate. And whoever does it is between them and whoever they are celebrating with.
You don't spread Valentine's cheer, or have the Valentine's spirit, it is not a time of year for friends and family.