It shouldn’t exist. They had a chance but they fucked around. There’s plenty of nationalities that don’t have sovereign countries. Anthropologists point to roughly 11 nations in the US alone. No government elevating one nation above others should be allowed to continue to exist. Especially where they commit human rights abuses to do so. In fact it’s generally the idea of a single nation country that begets these abuses.
So no. They don’t get a land specifically and only for Jews. They aren’t special.
To further drive the point home, you bring up Italy, but Italy was only recently unified in European history. If you want a Jewish version of Italy then you want a single state solution with equal rights and representation for Palestinians.