I don't know about Iran's missile but I do know that the simple rockets and projectiles from the Gazans and Hezbollah were having a huge impact on the Israeli sense of security and the economy in the recent Gaza war. That should have been continued and that should be restarted.
It took immense American+NATO+some Arab countries to keep Israel from falling off the edge then. Matthew Hoh, a great American analyst, had said many months ago something like 'don't do anything different from the projectiles/rockets falling into Israel indefinitely'.
Why waste a $5 million missile when a $500 rocket can have a large affect??