cancel out
[phrasal verb]
cancel out (something) or cancel (something) out : to reduce the effect of (something) : to be equal to (something) in force or importance but have an opposite effect
▪ The costs cancel out the benefits. ▪ The two arguments cancel each other out.
(From Merriam-Webster's Learner's Dictionary)



Would it be okay to say "offset the benefits" in place of cancel out the benefits and to say "offset each other" instead of cancel each other out?