My wife really wanted to go, and I found it interesting in parts. After seeing Egypt and Jordan in long bus rides, the difference in Israel is striking in terms of infrastructure.
I assessed the risk as low, at the time, but not negligible. We also sailed through the Straits of Hormuz and around that pirate region off Yemen, the boat captain announced we were entering a pirate area. They have a radar repeating station where one can view the bridge, and someone pointed to a ship off the horizon they said was a French frigate about 25 miles away. It would be tough to take on a cruise liner of that size doing 20 knots.
We're leaving Tuesday for another cruise, this time around Great Britain, so I suppose the risk is much lower though we have a stop in Belfast.