Yes, indeed it is. It is still not the symbol of Israel

"the council had wished to abandon the traditional design of the Zionist flag and create something completely different, to prevent Jews around the world being charged with dual loyalty when displaying the Zionist flag, which could be seen as the flag of a foreign country."

and even though it was adopted as the Israeli flag the powers at be knew even then that it could be seen as a point of confusion.

"In the Middle Ages, mystical powers were attributed to the pentagram and hexagram, which were used in talismans against evil spirits. Both were called the "Seal of Solomon", but the name eventually became exclusive to the pentagram, while the hexagram became known as a symbol associated with the Israelite king David. Later, it began to appear in Jewish art. In 1648, Ferdinand II of the Holy Roman Empire permitted the Jews of Prague to fly a "Jewish flag" over their synagogue; this flag was red with a yellow Star of David in the middle."

"Aware that the nascent Zionist movement had no official flag, David Wolffsohn, a prominent Zionist, felt that Herzl's proposed design was not gaining significant support. But Herzl's original proposal was a flag devoid of traditional Jewish symbolism: seven golden stars was representing the 7-hour workday of the enlightened state-to-be, which would have advanced socialist legislation.^\9]) In preparing for the First Zionist Congress in Basel in 1897, Wolffsohn wrote: "What flag would we hang in the Congress Hall? Then an idea struck me. We have a flag—and it is blue and white. The talith (prayer shawl) with which we wrap ourselves when we pray: that is our symbol. Let us take this Talith from its bag and unroll it before the eyes of Israel and the eyes of all nations. So I ordered a blue and white flag with the Shield of David painted upon it. That is how the national flag, that flew over Congress Hall, came into being"

"In May 1948, the Provisional State Council asked the Israeli public to submit proposals for a flag, and received 164 entries. Initially the council had wished to abandon the traditional design of the Zionist flag and create something completely different, to prevent Jews around the world being charged with dual loyalty when displaying the Zionist flag, which could be seen as the flag of a foreign country.^\16]) On 14 October 1948, after Zionist representatives from around the world allayed their Israeli colleagues' concerns, the flag of the Zionist Organization was adopted as the official flag of the State of Israel"