Not even close...When you invent a theology it's pretty easy to take a verse and make things up with it...
The church is never called Israel in the scriptures or the commonwealth of Israel...By this time the church, Christians are called-Christians...NOT the commonwealth of Israel...
Just prior to that salvation was offered only to Jews, the commonwealth of Israel (prior to Peter's revelation)...
Act 11:19 Now they which were scattered abroad upon the persecution that arose about Stephen travelled as far as Phenice, and Cyprus, and Antioch, preaching the word to none but unto the Jews only.
When a Jew believed on the Lord Jesus Christ he was put into Jesus Christ...Spiritually or religiously he was no longer a Jew or Israel but a Christian...
When a Gentile believed on the Lord Jesus Christ he was put into Jesus Christ as well...
Eph 2:14 For he is our peace, who hath made both one, and hath broken down the middle wall of partition between us;
Gentiles did not become Israel and Israel did not become Gentiles...We are both made one, i.e, Christians...
Ephesians 2:19 says believing Gentiles are “fellow citizens” with believing Jews. Citizenship refers to belonging to a “nation” or “commonwealth”. What is the commonwealth that Gentiles were once alienated from but now they are part of in Christ?
Here’s a hint - dispensationalist’s don’t like the answer.