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Diplomatic perhaps, but economic and military? Other have already pointed out that most of Israel's foreign aid is for them to buy US weapons - in other words, it's a government subsidy for the US defense industry.
The US is probably all that is keeping the Israelis from literally committing genocide. Our presence may give them more of a sense of security, but it also serves a sort of "big brother is watching" function and gives them less excuse to claim that they are under an existential threat.
US carrier groups aren't deterring Hamas or Hezballah, they're there to deter Iran.
But it's still a transfer of wealth from the US to Israel. If I give you an Amazon gift card then I'm giving you something valuable even if Amazon also benefits. If the US announced tomorrow that it's stopping all aid to Israel I don't think their reaction would be "I don't care, it's just a subsidy to the US defense industry".
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