I'll always believe that Israel's nuclear arsenal is a MASSIVE deterrent against localized anti-Jewish genocides happening again.
It may possibly have kept Israel's state neighbors from launching another invasion of Israel since the Yom Kippur War (personally I think other factors were sufficient to do that without the presence of a nuclear deterrent), but the idea that it has deterred localized Jewish genocides is laughable. The Jews have already been ethnically cleansed from its neighbors and the ability of Israel to independently launch a strike beyond its neighbors is so limited as to make the idea that an Israeli nuclear strike would serve as a genocide deterrence ludicrous.
Any state with nuclear capability can also engage in nuclear terrorism by agents in foreign countries and with its strong intelligence network Israel would be particularly well suited for doing this.
