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First - combining Egypt and Israel in one trip might be a hassle, depending on the sequence you can spend a lot of time at immigration in both countries
Second - flight logistics. There are no direct flights between Hurghada or Marsa Alam and Israel, you need to go through Cairo if your lucky; worst case is flying to Europe and back
It may sound epic if you live in the USA and looking at inter-continental flights (with their well known cost+time) just to set foot in the Middle East.
I have Eilat flights from my home town as cheap as 10$ one way from late October to late March (in this price it only includes 8kg of hand luggage but still...) so if it wasn't for the silly flight hours I'd probably be doing Dahab extended week-ends every month.
Of course, if I wanted to dive in the Caribbean I'd be looking at those 800$ return flight tickets .