Short video showing that the squad set bonuses (at least for offense) act the exact same their counter-part FORT Stat.
Here are the numbers.
Using my One shot sniper as it is my single hardest hitting weapon.
Point black body Normal Squads: 1714
Point Blank head Shot Normal Squads. 4284
Remove 5% base ranged damage base, keep offense same.
Point black body 5% base damage removed: 1700
Point Blank head Shot 5% base damage removed : 4250
Remove 5 offense points, keep ranged base damage same:
Point black body 5 offense lower: 1700
Point Blank head 5 offense lower: 4250
Change in damage is .008168 for body shots
Change in damage is .007994 for head shots
TLDR: Squad set bonuses like the bullet for 5% base damage done, are the EXACT same as offense points.