This is not the geulah. For sure. But it’s not exactly a normal golus situation either. About 95% of the Jews in the world live either in Israel or North America, where, for the first time for 2000 years, the vast majority of Jews can practice our religion freely and without more than trivial suffering.
A universal draft, a cut in funding to charedi institutions, a few rockets from Gaza, some anti-Semitism and crime in America, the atheistic or heterodox ideologies keeping most Jews from making teshuvah, even Iranian nuclear ambitions — these may be problematic but are nothing compared to the suffering Yidden have endured for the last two millenia.
There has been never another time when a Jewish family could manage to have 10 or more kids, have them all survive, and have all or nearly of them stay on the derech and raise their own families without the scourge of war or disease or pogroms or expulsions. Even if the public image of the religious is often low in Israel, the situation there is objectively better: the fact is that even the vast majority of Jews in Israel marry other Jews and have Jewish children — which unfortunately is not the case in the US.
I find it interesting that Israel was founded in 1948, the same year (in the Jewish calendar) as Avraham Avinu’s birthday. Of course, Hashem first promised the land to Avraham. So the existence of the Medina is just a beginning, as Avraham’s birth was, and there are still all kinds of problems, but Jewish life for nearly all Jews today is qualitatively more free and secure than at any other time since the golus began.