I don't see the utility of using "Zionist" in this sentence. Zionist Israelis believe they are threatened by (a defined group), but non-Zionist Israelis don't believe they are threatened by (group)? If you want to limit the discussion to those directly impacted by the conflict, why not use "Israeli"? Unless you are just using "Zionist" as code for "bad", as in: Good Israelis don't perceive a threat from (group); bad Israelis perceive a threat from (group). Or you might mean, some Israelis or Israeli extremists weaponize the perceived threat (ignoring for the moment the very real threat).
I think the use of the term "Arab" is incorrect. I don't see Israelis or Jews expressing the perception of threat from the collective of "Arabs" (meaning those peoples and cultures which originated in the Arabian peninsula and speak Arabic languages). I will concede, though, that some Israeli speakers will refrain from using the term "Palestinian" and will substitute "Arab" as code for non-recognition, even though they really mean Palestinian Arabs. Most Israelis, when discussing threat, will use terminology either calling out specific terrorist organizations, or will generalize with terminology such as "Islamic extremists" or "Palestinian nationalistic extremists". Sometimes, though more rarely, they will articulate a more generalized "Palestinians".
If you had written, "Israelis believe that Islamic extremists and Palestinian nationalistic extremists pose a dire threat to Israelis and Jews", I would agree with you.
