I have a cheap mens Huffy mountain bike which I noticed has 2 holes in the frame. Would this be too unsafe to ride?
If it were mine I wouldn't ride. It appears there is a crack connecting the two holes. This would indicate there has been enough flex to cause the frame to crack.
I wouldn't chance it. The entire frame appears to be extremely rusty.
The fork does not seem aligned with the headtube. So, yes, the bike is unsafe to ride. If by chance the fork is straight, the two holes you see there are just a sign of what can happen to the other spots rusting here and there on the frame.
And they are in dangerous positions.
Finally: think about yourself sprinting through an intersection (possibly green-turning-yellow traffic light), the frame cracks and your bike comes to a sudden stop (frame hitting rear wheel, rear wheel locking). It is not dangerous, as long as a truck is not coasting for the red-turning-green traffic light in the other direction ...
Bike frame is the main part of the bike, this rusty bike frame can't ensure your riding security. Even if you replace other components, it also is a very dangerous thing whlie you riding this bike on the road.