The threat of war on the north is more serious. Unlike Hamas, Hezbollah never had restrictions on arming itself (thanks to the cooperation from the Lebanese government and the Iranians), and Iran may become directly involved (and already has substantial troops in the area). Gaza is a relative sideshow, and perhaps a mere diversionary tactic. The possibility of at attack from Hezbollah, assisted by Syria and Iran, is existential for Israel, Gaza is an annoying mosquito bite.
One should remember that the United States is not geared up for a full scale war, and both presidential candidates are somewhat anti-war, and more importantly, Russia and China and control of Europe and East Asia, are much more important to the USA than the Middle East (and unlike 1973, the US is a major oil exporter, so a disruption of Middle Eastern oil make North American oil more valuable and more profitable).