Yes,you are right in your understanding about the intent. But I look at it differently.
Traditionally,honorifics used for any adult by Hindus include Sri (Shri, Sriman), and Srimati. Chiranjeevi, Sowbaghyavathi etc are commonly used by elders to bless younger people, especially when they offer their obeisances.
There is also the traditional honorific suffix such as Avargal or Avaall. Such traditional Indian honorifics are used especially in spiritual, and generational context, not in a social context.
These are part and parcel of Hindu socio-cultural belief sytems. So, if someone subscribes to a different belief system, be it atheism, rationalism, or a different religion, tagging such honorifics on them appears highly incongruous, especially when their belief sytem or emotional perspective is overtly scornful of traditional belief system.
I would not address someone as Sowbhagyavati Elizabeth Taylor or Sowbhagyavati Noorjahan, even in a context of blessing them. The same thing applies if one Hindu, in the guise of rationality, is scornful of another Hindu steeped in traditional orthodoxy.