Personally, I think it does!

If you do not hold to Christian beliefs that Jesus Christ came as Immanuel (God with us) and that he came to earth to die a sacrificial and substitutionary death for sinners, then, why listen to or sing Christmas Carols that speak of this event?  And why send Christmas cards that have images of Jesus in a manger or angels appearing to shepherds, or wise men bowing to Jesus and offering their gifts?  Why even say, "Merry Christmas...