It will mostly benefit Europeans and Ukraine, no? I don't see how it seriously helps Israel.
So it's a little complicated, but this is how it all fits together.
The U.S. has a supplemental aid package worth $95 Billion usd in the House of Representatives, waiting to be voted on (it already passed in the Senate). That package includes $11 Billion usd in military aid for Israel
and $60 Billion usd in military and macro financial aid for Ukraine. The remainder of the package is aid for Taiwan
and to replenish U.S. military stockpiles. The bill is being held up because Republicans are apprehensive about sending more aid to Ukraine and the Democrats are apprehensive about sending more aid to Israel. But the two are tied and Biden won't sign a package into law that doesn't address both simultaneously.
This is a proxy war of alliances. You have the EU / NATO, Australia, Israel and Ukraine on one side of the conflict, with strategic, but non-military support for South Korea and Japan. On the other side of the war is Russia, Iran and their proxies and North Korea, with strategic, non-military support from China.
Iran gets alot of its legitimacy and military support from Russia, and the Russians benefit from the Iranians in return. Russia is the "head of the snake", however, and if we want to see them defeated militarily, it's beneficial to see Iran tied up in conflict as well. Having Israel threatened will pressure the Republicans to allow a vote on the supplemental aid package that disproportionately benefits the Ukraine war effort vs Russia, but also provides vital funding to re-supply the Israeli war effort.
NATO + EU + Ukraine can handle Russia, but only if USA continues to be a major supplier of military aid for Ukraine in that coalition. They simply have enormous stockpiles of the exact type of equipment that Ukraine needs to fight that war. Simultaneously, a USA and Britain backed Israel ties Iran and its proxies up enough that they are not able to help Russia in any meaningful way.
If we want to cut the head off of the snake (Russia), it's much easier if Russia is embattled in its own conflict and can't afford to help supply the Russian war effort.