Think like Machiavelli.
Isreal should not stay out of the fight .
They should pick a side and make someone owe them a favor, preferably someone who can repay in a reasonable time and means.
Or think like Stalin.
If there is no friend in the fight , what can be done to prolong the waste of the enemy ?
Or think like Napolion.
Is this a place I can conquer outright, would it have strategic value or valuable resorces for me once conqured?