No, that's not right. Palestine was chosen based on a book of ancient mythology. Jews were a majority in Palestine a couple thousand years ago, though.
Imagine if the great great grandchildren of Chinese immigrants to America in the 1800s, no matter how mixed race they are now, suddenly immigrated to China, expelled or killed the native Chinese, and claimed that all of China belongs to them because their ancestors were there at an arbitrary point in time. It would be weird, right?