In /java/org/apache/poi/ss/formula/functions/Offset.java There is a line: private static final int LAST_VALID_COLUMN_INDEX = 0xFF; So OFFSET doesn't work if the result column > 0xFF. (Also the rows are restricted to 0xFFFF)
I added r1910049 and will see if this builds ok - I ran some of the tests but will let the CI build do the full check.