It's valid only in the narrow sense that the messiah is coming again, but to put that forward as an argument that Jews are not called to convert, or that the Church is not called to evangelise them, is dishonest. I know there are many highly placed prelates who voice this opinion, perhaps because they like to think themselves fine fellows and see themselves smiled upon by the world. But this is not authentic Catholic doctrine.
The gentiles were to be grafted unto the Jews, not the other way around.