I find people tend to use Zionism to describe a few different things.
Some just use it to mean approving, in the general sense, of Israel as a state. It basically takes it for granted that it is a legitimate state as it exists now and doesn't really make any kind of ideological stance as such. That's probably what most people mean when they use it.
Others use it ideologically, as in, there is some kind of necessity or right for an ethnically Jewish state to exist. Not just as a pragmatic solution to a problem like persecution of Jews, if it did not already exist as a political unit, they would say it ought to. Often this can have a religious element, and for some religious Jewish people (and weirdly evangelical Christians in the US) this is a really important idea. There are quite a few people who think of it that way, too, and then some who sort of combine the two in a mushy way.
I don't believe in the second of those things myself, I do think that people who live in a place have a right to citizenship, and some kind of voice in government, but I don't thing rights belong to states - no state has a right to exist in a particular form. But I don't think that there is any religious call from God for either Jews or Muslims have to their vision of a state in that particular place.
In the end I don't know what Israel should do. I am pragmatic, and while I think the whole idea of establishing a homeland in the Middle East for Jews living across the whole world came from very human and humane motives, I don't think it was ever politically going to work, and I can't see any way to make it work now. I think in time the whole region will be a failed state and revert to some sort of chaos, or one side will obliterate the other.
Not a happy thought but it is what I think will happen.