I do get trying to limit China expansionism and influence. But might that be better accomplished courting nations other than the primary pariah in the region (at least as viewed by most of the other nations in that region)? I would think mending fences with some of those nations would go further, and we also would have (some) influence over how they treated Israel (so it's not like we would be abandoning them, just helping them maintain their security through other means).

I still think Suez is a lost cause until nations in the region rise-up and tell the Houthis to "cut it out, or else". The sea is too small, and the range of the weapons are adequate to target any ship that doesn't have defensive capabilities (i.e. most of them). If we had improved relations with Iran, maybe we could have some influence. But as long as we're monotonically supporting Israel, that won't happen.

I think it's a bit cynical to say that we're providing arms to Israel to keep the region otherwise occupied/focused to further our interests. I suppose we could be, but that isn't among the various reasons I have seen espoused over the years. Generally, it's the Jewish lobby in the USA (very monied, and so very powerful), various religious reasons (e.g. Israel needs to reunite all their territories for the Second Coming; or less apocalyptic like Jesus was a Jew, etc), a sort of recompense for the Holocaust, they are more like "us" (i.e. not Muslim, even if misguided that they don't subscribe to the New Testament), and some others.