Some dispensationalists teach that the Jews will one day return to their land en masse. They believe that the OT prophecies about Israel in the future must be taken “literally” (e.g. Isaiah 11:11-12, Hosea 3:5, etc.). It’s not quite that easy or simple, however. I appreciate A.A. Hodge’s arguments against a future return of the Jews to Palestine:
1st: The New Testament is entirely silent on the subject of any such return, which would be an inexplicable omission in the clearer revelation, if that event is really future.
2nd: The literal interpretation of the Old Testament prophecies concerned in this question would be most unnatural, (1) Because, if the interpretation is to be consistent, it must be literal in all its parts. Then it would follow that David himself, in person, must be raised to reign again in Jerusalem, Ezek. 37:24, etc. Then the Levitical priesthood must be restored, and bloody sacrifices offered to God, Ezek. 40. to 46.; Jer. 17:25, 26. Then must Jerusalem be the center of government, the Jews a superior class in the Christian church, and all worshippers must come monthly and from Sabbath to Sabbath, from the ends of the earth to worship at the Holy City, Isa. 2:2, 3; 66:20–23; Zech. 14:16–21. (2) Because the literal interpretation thus leads to the revival of the entire ritual system of the Jews, and is inconsistent with the spirituality of the kingdom of Christ. (3) Because the literal interpretation of these passages is inconsistent with what the New Testament plainly teaches as to the abolition of all distinctions between the Jew and Gentile; the Jews, when converted, are to be grafted back into the same church, Rom. 11:19–24; Eph. 2:13–19. (4) Because this interpretation is inconsistent with what the New Testament teaches as to the temporary purpose, the virtual insufficiency, and the final abolition of the Levitical priesthood and their sacrifices, and of the infinite sufficiency of the sacrifice of Christ, and the eternity of his priesthood, Gal. 4:9, 10; 5:4–8 Col. 2:16–23; Heb. 7:12–18; 8:7–13; 9:1–14.
3rd: On the other hand, the spiritual interpretation of these Old Testament prophecies—which regards them as predicting the future purity and extension of the Christian church, and as indicating these spiritual subjects by means of those persons, places and ordinances of the old economy which were typical of them—is both natural and accordant to the analogy of Scripture. In the New Testament, Christians are called Abram’s seed, Gal. 3:29; Israelites, Gal. 6:16, Eph. 2:12, 19; comers to Mount Zion, Heb. 12:22; citizens of the heavenly Jerusalem, Gal. 4:26; the circumcision, Phil. 3:3, Col. 2:11, and in Rev. 2:9, they are called Jews. There is also a Christian priesthood and spiritual sacrifice, 1 Pet. 2:5, 9; Heb. 13:15, 16; Rom. 12:1.
This is a longer discussion to be sure, but Hodge’s points are certainly worth thinking about when asking and answering this question about eschatology!
The above quote is found in Archibald Alexander Hodge, Outlines of Theology (New York: Robert Carter & Brothers, 1863), 454–455.