The Offset filter is broken.
The Offset filter is broken, and has been broken for a very long time. Here's what I wrote about it on creativecow.com back in 2013:
"This filter has been buggy for a while. It seems there’s a “magic line” of approximately 32,769, positive or negative, beyond which the Shift Center To parameter fails to work. I’m in a 1920×1080 comp, with a same-sized Photoshop file, rendering at Full quality. Set keyframes at 40,000×540 and -40,000×540. There will be no movement until the Shift Center To value crosses that 32,769 line. Then it will animate, until it reaches -32,769, at which point it freezes again."
This seems to still be 100% true. Note that you will get PREVIEWS with values beyond that "magic" number, but it won't render.