The important thing is that the vaccines are having a large effect on Covid-related deaths. Despite the current number of reported cases in Israel being equal to (or even a bit over) the January peak, the number of deaths is much lower.

According to Google's numbers, their current 7-day average number of deaths is 23, while in January they had a 7-day average of about 65. And it looks like the deaths peaked in the past week.

https://www.google.com/search?q=israel+covid+cases&rlz=1C1CH...

For reference, the numbers in Florida (where vaccination rates are significantly lower) look a lot different. You have many more cases and more deaths than the January peak.

https://www.google.com/search?q=florida+covid+cases&rlz=1C1C...