I don't think it's on the same level. If Hamas were in Israel's position, I don't doubt they would be going door to door rounding up the Jews and either killing them, jailing them or forcing them out of the country. Israel are doing similar in Gaza and the west bank but I don't think the level is quite the same.
Though they have lived in poor conditions, Arabs can live in Israel and I believe their numbers have even been growing (will need to double check as I may be confusing 2 different things) but there is a definite large Arab demographic. There would be no Jewish demographic in a Hamas state.