I don't find it offensive per se, but an odd business choice given the demographic.
Using trans models in fashion magazines makes sense, because what the consumers are interested in is the clothes and make up. As long as the model makes them look good, it's all good.
Playboy is a sex magazine, as such the readers are interested in what's under the bunny costume. Now, this model is appealing to certain demographics, but not to the typical playboy Consumer.