Well, lyrics are and are not political at the same time. We could hear it from any other country and assume that it refers to a lonely/depressed person (apart from 'October rain' or 'Everyone is good kids one by one' which would sound strange). Nevertheless, taking into account the background and the fact that it's Israel that sends this entry, the political message is obvious.
Comparisons with Russia are arbitrary for me. It's not the same case and EBU can't follow the same approach. Besides, we all remember that in 2022 EBU didn't want to ban Russia at the beginning and they only did so after several broadcasters threatened to withdraw. This year things seem different, there are voices from the community to ban Israel but if I am not mistaken broadcasters haven't asked for it (at least so intensely).
I don't support banning Israel as happened with Russia but the lyrics issue should be examined carefully. It's on the verge of violating the rules, but I'm not sure they do. Maybe in dubio pro libertate? After all, people will be able to vote and show their upset, if they find the song inappropriate.