I think cynicism is a fair response to anything about the Israel-Palestine conflict and Labour's response to it, but it's worth noting that the Guardian has different language:
the Labour leader is expected to include a pledge to recognise Palestine before the end of any peace process, and to make sure such a move does not get vetoed by a neighbouring country [my emphasis]
I don't know what that bit about the veto means, but 'before the end of any peace process' suggests they see it as part of the peace process, not an end result.
I think it's notable that Labour's position is now firmly pro-ceasefire and anti any further military action by Israel. Per that same Guardian article, they've also given 'implict support' to the arrest warrant for Netanyahu, although there's no specific reference given.