Answer will be short: Sure.
Let me explain how.
First, what does it mean to be a hegemon? Grants a classy position for a state? Something to show the degree of power?
In short, if you succeed to sell out your ideas to your target audience and get them ready to move in the same line with you, yes, you are a hegemon!
Therefore, we need to focus on the regional mainstream discourse which plays the dominant role in the making of new balances among states. It is absolutely ‘Iranian threat’.
Israel, as a rival of Iran, has balanced it with other regional powers many times, not by its own capacity. Having a look in the near history of the region, one can easily notice that the antagonism between them has never been surfaced as a war. They’ve never fought each other. However, Israel has backed the eager states to lead the Sunni world against Iran. In 1980’s, in the immediate aftermath of Iranian revolution, Iraq’s Saddam is the man. He’d paved the way quickly and the road ended for him by the Kuwait intervention in 1990.
Saddam’s disappearance as a balancing power in 1990’s, cleared the area for a newly-emerged regional power, Turkey, willing to lead the region with reference to its imperial past, Ottomanic way. 1990’s and also 2000’s are Turkey’s turn. With the American withdrawal from Iraq, Turkey’s started to distance itself from the Western agenda, also resulted in a net distance with Israel. In its clearest shoot, Turkey, Brazil and Iran inked an agreement to resolve the Iranian nuclear crisis in opposition of American (also Israeli) desires.
Let Turkey go away. Take Saudis and its Gulf axis into consideration. 2010’s showed us the reorientation of the main policy on Iran, with other actors ahead, Israel is still on backstage. ‘Iranian threat’ appeared more dangerous ever. Iraq, Syria and Yemen are in the hands of Mullas now. With sudden death of king in 2015, Saudi policy on Iran changed immediately and more pro active positions taken, related with the ‘threat’. As sharing the same path with the Israeli national security agenda; Hezbollah (an Iranian proxy) and Ihvan (Hamas included) were declared as terror organizations. Qatar was punished due to its Iran policy. For balancing the Iranian effect, lots of millions of dollars spent for militias around…
Israel is still on backstage.
Maybe never shows its true face.
Hegemons have interests, not friends.