Yes, and no. This was always going to happen the more vaxxed people you have just because the vaxxed have a bigger denominator. The more accurate percentage would be to compare the percent of vaxxed to the percent unvaxxed hospitalized/severe. That said, there is some truth to the idea that vaccine effectiveness is "really falling" at least as far as cases are concerned (deaths in Israel still on the floor). Incidentally, Israel has also had a mask mandate in place throughout these last several weeks. If the vaccine is failing to stop the transmission, so are the masks (at least this time around).
Israel Coronavirus update with statistics and graphs: total and new cases, deaths per day, mortality and recovery rates, current active cases, recoveries, trends and timeline.
www.worldometers.info
Incidentally there's the same issue in Hawaii. . One dose 75%, two doses 54% and a mask mandate with 98% compliance in place.
Hawaii COVID-19 Coronavirus update by county with statistics and graphs: total and new cases, deaths per day, current active cases, recoveries, historical data, trends, projections, and timeline.
www.worldometers.info