When the agreement between Saudi Arabia and Iran were published, I wrote that the central point of the agreement, in my opinion, was about the war between Saudi Arabia and the Houthi, and that this would be announced. In recent days, it turns out that most of the talk (as described by diplomats) has been about this war...
That is, the main interest of Saudi Arabia, when it signed the agreement, is to neutralize the Houthi, who are supported, financed and trained by Iran and the IRGC.
Iran is also their de facto only arms supplier, and it supplies them with arms and ammunition in huge quantities, including cruise missiles, ballistic missiles, rockets, anti-aircraft missiles, anti-ship coastal missiles, guns and shells, anti-tank missiles, and much more.
So the Saudi agreement is primarily designed to stop this war with the goal of ending it in several stages.
In other words: it has nothing to do with Israel. It is clearly an internal Saudi interest.
In my opinion, the Saudis are well aware that Iran continues to be the main threat to their national security, despite the agreement, and so they will continue to strengthen militarily, and will continue to seek allies and support against this threat.