Israel would, yes; I have no doubt. The complaints about the uselessness of the UN don't stem from resolutions that pass, they stem from how hard it is to pass meaningful resolutions given the UNSC permanent member veto powers. When the UNSC does manage to pass resolutions, they are fairly effective.
If the UN had passed this resolution and Israel had refused to comply with it, the next step would be more Resolutions calling for various escalations and likely would include one calling for a peacekeeping mission. We've already seen those proposals over the years, in fact, but they've always been vetoed by the US. If this hadn't been vetoed, Israel risks the next one of those not being vetoed either. And I think Israel would do anything to avoid that because it's likely that a UN peacekeeping force would dismantle and end the illegal Israeli settlements in addition to positioning UN troops in places that make it impossible for Israel to carry out any meaningful offensive military campaign. Israel's best course of action, as I imagine it playing out in their mind, would have been to keep the UN from going any further on the subject and that means complying with the ceasefire resolution.
There'd be no shortage of countries willing to contribute to that peacekeeping force either, as Israel well knows. The top contributor of UN peacekeeping forces currently is Bangladesh who have stated they will not recognize Israel until Israel recognizes Palestine and ends the illegal occupations and settlements, and several other nations in the top 10 by troop contributions to the UN have said something similar.
Basically, the UN isn't designed to take physical action itself, it's designed to give justifications for member states to take actions. Afterall, by Article VII of the UN Charter, UNSC Resolution is the only legally justified reasons for military aggression. It only recognizes 2 other justifications, both of which are defensive and one of which is trumped by UNSC Resolution.
So yes, if the resolution had passed, signaling a shift in US policy and depriving Israel of the 1 ally that's been saving it from UN action, I think Israel would've stopped fairly quickly. Especially since, as anyone who really thinks about it knows, their goal of "eliminating Hamas" is unachievable; Hamas is largely an idealogy at this point. Much like how the National Socialist German Workers' Party was defeated in war and no longer exists yet there are still Nazis around, Israel can kill every single current member of Hamas and they'll still be the target of terrorist attacks in the name of Hamas in the future. Would they risk the UN actually doing the thing it's been threatening to do for decades, removing the Israeli settlements and returning the occupied land to Palestine, for a goal that can't be achieved? I don't think so.