You are looking at both instances from the same angle. Whereas an Israeli flag covered charm is an aspiration, the Palestinian equivalent is an actual, painful living memory of a land that was called 'Palestine'.
Your characterisation of opposing forces, like two fighters in a ring, rising from their respective corners is both a gross simplification and a false representation. The history of modern Israel is one of occupation, subjugation and humiliation. The Irsaeli flag symbolises oppression.
Yet again, I'm reading a somewhat passive aggressive attempt at rationalising what you are describing as simple factionalism. In reality you are attempting to dilute and delegitimise a peaceful student revolt against oppression and imperialism.