Avrom, isn’t the other song/brocho similarly offensive to a goy?
Also, I question whether it is really offensive. The reason for the brocho is because they have more mitzvos. So why is it anymore offensive for the chazan to say the brocho in shul with the women saying Amein than for men to sing it as a song when women are around? Or, especially, to sing it when at a men-only function.
The motivation would be the same motivation for singing shelo asani goy. Or the motivation when saying the brocho itself and appreciating the reason Chazal instituted it.