Hezbollah has significantly improved upon their capabilities during that time period. Also, as a corollary to this, weapons technology in general has significantly advanced in a form that brings various capabilities to state actors that didn’t use to have the tech or financial base to support them.
Guidance systems, avionics, electronics, and drones are changing the face of warfare in a way that removes a lot of the tech advantages rich nations had over poorer nations. But, the richer nations (And this isn’t just about Israel, but most of the western states) are sticking their heads in their sand because their weapons manufactures are used to being used more for laundering tax payer money to the right people then for making great weapons. The main drones for the US cost between 30-40 million EACH!
Furthermore, Israel is going through all of the copium that settler colonialist societies go through when their martial superiority is starting to come into question. They clutch harder to their beliefs that make them feel secure. Israel withdrew in 2006 and declared themselves victors when it was obvious that they were not victors at all. Now, that is all that Israel remembers about 2006. That they won. That is what they truly believe.
There are a lot of delusions that are about to break here. That is why I say that if they try with Hezbollah, that it will be a ‘Find Out’ stage.
EDIT: Also, people tend to use the wrong measurement for what they consider to make an army strong. One of the most important factors is a willingness for a military to take causalities. There are very few armies stronger than Hezbollah by this measurement, whereas Israel has been very weak on this front since the early 2000’s. Having a conscript army will do that.