I think it's a very cool idea. I think that everyone who comes to Israel for seeing the weeping wall or the church of birth already know it's there and don't need any reminder. Plus, the religious crowd usually don't spend a lot of money on hotels and restaurants and as such not a great target audience.
When my husband came to visit me in Israel for the first time (we met online) he was really surprised by how cool and fun Israel were. He's Jewish but never felt like visiting before expecting Israel to be a very boring place. I think that showing Israel as an exciting fun vacation destination, with nice beaches and beautiful women is a good idea that would appeal to a wider audience.
Israel got a lot to sell aside of what sets it apart from other countries, it's got awesome weather, easy way to communicate and commute, a lot of interesting places to visit and a cool culture mixture. It is a really fun place to visit. I like it that the ads shows that.
Whether this work or not depend only on the level of safety in the middle east. I think that in a quite year this campaign can make people take their vacation in Tel Aviv instead of in Rio.