We can look at many different countries to learn how they deal with their security challenges. But we have our own particular circumstances, which are unique.
Israel differs a lot from Pakistan, and therefore it does not offer a suitable analogy. For starters, it is a country with high HDI, much higher GDP / person, surrounded by unfriendly states, mandatory army service for all citizens, strong and well-developed defense industry, and more... How can Pakistan emulate Israel? I do not see it happening.
Pakistan's biggest challenge is very low HDI and results are for everyone to see. Taliban, proliferation of seminaries offering parochial & sectarian education, low growth, atmosphere of intolerance, & many other challenges are precisely because of low HDI. While Pakistan has to grapple with these and many more challenges, India has been on a higher growth trajectory primarily because of its superior HDI & stable institutions. If you find any other reason for this disparity, please let me know. If Pakistan continues to ignore this disparity and educated people continue to support unhealthy, anti-system internal dynamics, then it soon would not matter what Pakistan does with its nuclear program or what successes PAF / PAC chalks up in JF-17 program. Pakistan would be relegated to a secondary status and lower importance within South Asia. To correct this balance, Pakistan can not push India off its growth track to pull them back - the consequences would be severe. Pakistan would have to improve internal dynamics and try to attain a higher growth trajectory - neither of which would be possible without investment in HDI (schools, colleges, universities, research institutions, better social services, & quick adoption of industry best practices across the board). Lusting after weapons for the sake of security would not help Pakistan improve and grow. The gap would only widen with time.
Pakistan has to choose stability, institutional maturity, & investment in HDI. That is the only hope for future. Buying expensive weapons would keep Pakistan from making these choices. Security obsession would push Pakistan closer to North Korea than Israel.