Is Modesty offensive?

Modesty isn't a bad thing by it's [i]true meaning.[/b] But I can see situations / people who might use false-modesty purely as an additional 'charm' to make themselves out to be what they are not. As such, they can use their 'modesty' to make a comment offensive, making it appear nothing is wrong. I'd say there are those fickle enough to act the part of 'Modesty'.