I don't think we should be as involved as we are - I agree with Brian Fantana - we can still be their allies and have their backs if somebody tries to sucker-punch them, but we need to rethink our relationship because it comes across as us giving Israel a blank check to do whatever they want (not economically, but morally/ethically). To take the USA as an example, we have a lot of allies, but when we decided to go into Iraq in 2003, we had plenty who were like "you know what, we will help in Afghanistan, but fuck that, if you want to do Iraq, that's all on you buddy."
And I doubt I agree with @Loch Ness Monster all that often, but here we are dumping weapons and aid on Israel, meanwhile they do in fact have universal healthcare and free/cheap college for everybody. They don't really need our help as much as we think they do, and I won't go into why we give them so much help because that's CR, but that's something we need to rethink in the future, because as I said, it comes across as us giving them our full support (and legitimacy as a result) for whatever they want to do.