I broadly agree with you, but would point out that the conflict isn't necessarily limited to Gaza. There've been rockets flying back and forth across the Lebanese border, sporadic violence in the West Bank, and there's always tension over the Golan Heights. Israel could find itself fighting a multi-front war against Hamas in Gaza, Lebanon/Hezbollah in the north west, Syria in the north east and Jordan in the east.

Not to mention Egypt aren't exactly their best buds either, and a US warship recently intercepted missiles coming towards Israel from Houthi rebels in Yemen.