Since 2021-22, the world stage is getting more and more chaotic, things are changing fast. Lines are being divided geopolitically.
Who would have thought Russia would get bogged down in Ukraine for more than 3 years. India-Pakistan would be clashing 3-4 rungs up the escalation ladder along the whole border. Afghan Taliban would emerge as bigger enemy/threat for Pakistan than Ghani and previous regimes when US was there.
Now with the trade war going on, China blocking relocation of Apple factory equipment to India and rare earth magnets now, the space for geopolitical balancing is becoming restricted.
I think there is only limited space for one such balancing, Russia balancing is far much valuable to India. This can be sold to US and other western powers by saying that India is a counter weight to Chinese influence in Russia. Otherwise Russia would go totally into China's sphere of influence. It helps economy too by importing Russian oil.
Trying to balance Israel and Iran ties after this war would be put you in a situation where you can enjoy benefits from none. If there is no regime change in Iran then it would remain heavily sanctioned. This will also hurt relations with Trump administration. If there is regime change, then it will be a totally different situation, where you can maintain good relations with both Israel and Iran. Israel and Iran had very good relations during Shah's time.
I am not saying to break relations all together with Iran, work with them where your interests align but it should not come a cost of harm to relationship with Israel, US.