The Israeli government isn't proposing to remove the supreme court but rather to limit it's power of judicial review over legislation. That would make it similar to how other parliamentary systems such as the UK operate. I'm not Israeli and don't have an opinion on this issue but let's at least be clear about what's actually happening.
The difference being that other parliamentary systems have many more checks and balances, whereas Israel only has just one: the supreme court. Removing or "limiting" it is akin to making Israel a de facto dictatorship.
Which checks and balances do other parliamentary systems have?
A constitution, a supermajority requirement for passing/changing “base laws” and/or constitutional amendments, multiple chambers of legislature, etc. none of that exists in Israel. The parliament and the elected government is one and the same, there is no constitution and “base laws” can pass with a simple majority. The only judicial check on these laws is the supreme court.