This point can be true to some extent, depending on how you estimate the readiness level of the overlord's own forces. It's possible that once Iran's "shield" of Jihadists are defeated, Iran itself has a much weaker personal army.To summarize, I don't believe in proxies as expendable forces costless to the host. These are dedicated forces armed (and often trained) by the host willing to fight and die for the host's cause; they are valubale assets to the host so when they are killed, the host has lost valuable assets, sometimes with greater value than citizens of the host nation itself. That is true when Russia kills Ukrainians and true when Israel kills Hamas/Hezbollah fighters.
But this assumes Israel even can deplete Iran's shield.
There is a lot more Muslims than there are Ukrainians. And Russia sends a lot more firepower than Israel. Just because the "depleting the shield to expose the soft underbelly" might work in 1 case does not mean it will work in the other, especially because Israel has largely only managed to trade evenly with just Hamas so far, and has proven less adept at defending its economy and home regions than Russia.
The strategy you describe (run Iran out of islamists) works only if Israel can deliver sustained wins at rates enemies struggle to replenish.