I always took the vineyard as representating the world in general and the produce of the vineyard as the pleasing righteous deeds and faith of God's children. Those surrendered and controlled by the Holy Spirit would be ripe with fruits of the Holy Spirit in God's vineyard (spiritual Israel)
More on topic, I don't believe God is finished with physical Israel. In Genesis 17:7 God states his covenant with Israel is everlasting:
"I will establish my covenant as an everlasting covenant between me and you and your descendants after you for the generations to come, to be your God and the God of your descendants after you."
He mentions "your descendants" meaning physical Israel in this passage.
This is not Israel you are referring to. Abraham means "father of many nations." Not just one nation. This is before Israel was born.
We trace the history of the physical representation of that covenant through a physical circumcision. But there is far more to God's eternal covenant than what is physical.