It depends on how you look at it. Someone who grows up in a 'politically correct' world, has no knowledge of what it was like before. Therefore they will be less likely to say offensive things. I think a lot of us can agree that racist, sexist, and homophobic language can all go away. So, in that regard, the child of a politically correct world would be at an advantage.
However, offensive stuff is a part of our history and that history sometimes needs to be portrayed in all its gory detail, lest we forget the lessons we learned from it.
Overall, I don't think that society is too politically correct, but I can understand where the fear comes from, particularly for an older generation that grew up in more offensive times. There is a balance to be struck between sensitive language and free speech. I don't think we've reached that balance yet, so people will continue to feel limited in what they can say, while others feel offended by just about everything they hear.