What would be the point? You know damned well that such a state, allowing return for both Palestinians & Jews, would rapidly become Arab-majority as Palestinians worldwide exercise said return, while Jews have no reason to. We become yet again a minority living in someone else's country ... what could possibly go wrong, right?
A shrinking minority, too, as Jews disembark for the US, South America, Europe ... anywhere but there.
The handful that remain live in heavily armed & guarded enclaves.
Some idea of peace.