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Well, you can't just "replace Israel". Israel is a country, which means nation. Currently, there is a nation of Israel, it has a government, a state church, and is located in a geographic place. In proper English, "Israeli" is a race. In terms of them being who they are, technically, Israeli is a nationality status, an Israeli is a person bearing a Passport issued by some government body in Tel Aviv. Moden English usage calls the race of people who are Israeli nationals Hebrew. Hebrew is a race, that is to say a kindred tribe or people, a genetic linage, a bloodline. To be quite blunt, they LOOK a certain way, and you're not one unless you are directly genetically descended from one of the twelve tribes described in Exodus.
Israel is a nation, Hebrew is a race, and Jew is a religion.
You can't really "replace Israel". What are you going to do, commit genocide, wipe out all the Hebrews in another Holocaust, execute the final solution? Then what? Replace Israel with what, another race, like the Arab Palestinians? Doesn't work. Not the same. There's no substituting one country for another.
What the Catholics of ancient Rome actually meant was that if you were a Christian, which was a new religion, then you weren't a Jew, which is the state religion of Israel. You are actually addressing the Edict of Milan and the Conversion of Constantine, and the comment only applies to Romans anyway. Rome has always had an official state religion, same as Israel. Rome changed over to Christianity; Israel stayed Jewish.
Even though I'm not Israeli, Hebrew or a Jew myself, literally reding "replace Israel" is false. Rome did sack Jerusalem. But they didn't then leave the region of Israel (called Palestine by Roman governors) to some other country. From their perspective, they owned it already, they had conquered and occupied it. No race replacement. Just an absorption of people who believed in the new religion of Christianity into law abiding Italian society, such people (already Roman citizens, but previously outlaws under paganism) were pardoned and their civil rights were reinstated.