The name or meaning of Israel actually relates to repentance.
Genesis 32:27-28
And he said unto him, What is thy name? And he said, Jacob.And he said, Thy name shall be called no more Jacob, but Israel: for as a prince hast thou power with God and with men, and hast prevailed.
The Israelites wrestled with God over their continuation of their sinning and with men/flesh.
The reason why Jerusalem is called New Jerusalem in the book of revelation is became it is a spiritual New Jerusalem.And it is a spiritual Israel.
Isaiah 43:18-19
Remember ye not the former things, neither consider the things of old.
Behold, I will do a new thing; now it shall spring forth; shall ye not know it? I will even make a way in the wilderness, and rivers in the desert.
John 1:23
He said, I am the voice of one crying in the wilderness, Make straight the way of the Lord, as said the prophet Esaias.
Colossians 3:2
Set your affection on things above, not on things on the earth.
Matthew 8:10-12
And I say unto you, That many shall come from the east and west, and shall sit down with Abraham, and Isaac, and Jacob, in the kingdom of heaven.But the children of the kingdom shall be cast out into outer darkness: there shall be weeping and gnashing of teeth.
The kingdom of heaven is New Jerusalem.The name means "city of peace".I think it's neat that Israel relates to water/repentance/old covenant, and New Jerusalem relates to blood/peace/new covenant and that they're as one.
Colossians 1:20-22
And, having made peace through the blood of his cross, by him to reconcile all things unto himself; by him, I say, whether they be things in earth, or things in heaven.
And you, that were sometime alienated and enemies in your mind by wicked works, yet now hath he reconciled
In the body of his flesh through death, to present you holy and unblameable and unreproveable in his sight.