It is a trait of what it will be like when He brings them back. Example:
Ezekiel 34:22
Therefore will I save my flock, and they shall no more be a prey; and I will judge between cattle and cattle.
Ezekiel 34:23
And I will set up one shepherd over them, and he shall feed them, even my servant David; he shall feed them, and he shall be their shepherd.
Ezekiel 34:24
And I the Lord will be their God, and my servant David a prince among them; I the Lord have spoken it.
Ezekiel 34:25
And I will make with them a covenant of peace, and will cause the evil beasts to cease out of the land: and they shall dwell safely in the wilderness, and sleep in the woods.
Ezekiel 34:27
And the tree of the field shall yield her fruit, and the earth shall yield her increase, and they shall be safe in their land, and shall know that I am the Lord , when I have broken the bands of their yoke, and delivered them out of the hand of those that served themselves of them.
Ezekiel 34:28
And they shall no more be a prey to the heathen, neither shall the beast of the land devour them; but they shall dwell safely, and none shall make them afraid.
Nothing about this suggests 1948, and in fact there is no possible fit.
I believe it's fulfilled after the return of Christ, in the millennium. Christ is the one whose work it is. Unlike most Christians, I've always considered Gog and Magog in Ezekiel devising an evil plot in his heart against the people in the land who for a long time had lived in unwalled villages in peace and safety, with the Gog/Magog rebellion written about at the close of Revelation 20 (not at the close of this Age). And unlike most Christians I believe Gentiles who are in Christ are considered Israel and are identified by God and regarded by God as the house of Israel, regardless of our genetic ancestry. In Ezekiel the house of Israel and the house of Judah are joined together into one "stick", one nation again
in Christ, just as Paul stated regarding Gentiles and Jews in Christ. Paul also included Gentiles in his Romans 9 quotation of Hosea which in its Old Testament context speaks only about the house of Israel.
Unlike most Christians, I believe that the dry bones living again in Ezekiel refers literally to the resurrection of the dead when Christ returns, and this is followed by the prolonged period of living in peace in unwalled villages, which in turn are the people Gog devises evil against in his heart. If taken chronologically, that's the order in which it is written in the book of Ezekiel, and that's the order it is written in the millennium in the Revelation.
I've always believed there is only
one Israel, and since Jesus died and rose again, only those who are
in Christ through faith in Christ are
in the elect nation known by God as Israel. The moment "national Israel" (so-called) repents of their unbelief, they will be
in the elect nation called Israel
again, because they will be
in Christ. They will be grafted into
their own olive tree again says Paul (whereas Gentiles who believe in Christ are grafted in, period - not grafted in
again). God does not compromise. Paul says they are
beloved for the sake of the (their) fathers - he does not say that those who remain in unbelief are
saved and still in God's elect nation for the sake of the fathers.