Can the U. S. veto this?
We’ve vetoed lots of other things. We’ve vetoed many things strictly related to Israel too.
Besides, isn’t this just an elevated status for the Arabs on the West Bank and Gaza, and not full nationhood?
No veto’s in the General Assembly, that would be the Security Council.
This is all symbolic of course, the UN doesn’t have the power to decide what is and what is not a country
Sort of, the US can veto in the Security Council any UN action supporting or opposing the new state, but not the General Assembly's recognition of the existence of said state.
Israel just wants to be able to use the IDF wherever and whenever it wants. UN state recognition could change the legal situation.