Yeah, definitely depends on content. I don't mind profanity in any amount. If 80% of the dialogue is filled with nothing but profanities, that wouldn't offend me, but it would come off as silly and unnecessary.
That said, I feel profanity is important in fiction to reflect a certain sense of realism. People use profanities a lot in real life after all. Additionally, there are other crude subjects in real life that I feel authors tend to avoid due to their controversial nature. This is something I personally find unnecessary, though I respect the author's wishes to refrain from it nonetheless. I find that, if you're going to color an idealistic veil over the truth, it feels like a lie and insincere. Yes, it is fiction, but personally, my favorite kind of fiction is the gritty and realistic kind, not some whimsy fantasy about friendship and magic. It's one reason why I dislike a lot of Marvel movies because of their whimsical nature (Guardians of the Galaxy comes to mind).
Anyway, I went off topic a little. Profanities are fine, but I would obviously find it to be jarring if its target audience is supposed to be children, like The Powerpuff Girls. However, I have enjoyed animation with a childish style that intentionally inserts profanity as a mean of satire. Now that is incredibly hilarious, and I love dark comedy like that. I think it really lies on the intent of the author who used the profanity in the first place. What meaning does the profanity have in the story? If it's just for the sake of swearing and nothing else (like a lot of Tarantino movies), then I do sometimes find it to be superfluous and, again, silly.