This is a form of the base rate fallacy.
In the clinical trials they randomly distributed patients between vaccine and placebo arms, making sure both sides were evenly matched for age, pre-existing conditions, etc. Then, if you have a hypothetical 100 people get sick, and 95 of them are in the placebo arm, you can have confidence to say that represents a relative risk ratio between the two arms. Because the groups are the same size, and the risk is spread evenly between them, you're trying to make sure you aren't accidentally measuring something other than the placebo vs vaccine.
Israel is real world. Risk groups aren't evenly spread between people who got the vaccine and who didn't. There isn't an even number of people between the two groups.
Nearly all of the older residents are vaccinated (>90% vaccination rate over 50) and nearly all of the unvaccinated are younger (85% of unvaccinated are under 50). As we know the risk curve for hospitalization and death with covid grows exponentially with age.
When you adjust for vaccination rates and risk of hospitalization by age, you find that the vaccines retain >80% efficacy vs severe disease.
This website goes through it in detail and is the source for this table.
If you don't care for that analysis, you can look at the reports straight from the
Israeli ministry of health, which reports 88% efficacy against hospitalization (slide 7).