Isn't this just a blocked middle seat?
It is the standard "European business class" with the middle seat blocked.
it's not necessarily a bad deal, prices for TLV-BCN in the summer can get really high so 560$ isn't too bad even for Y let alone J.
That's EXACTLY what you get. I flew TLV-FCO-CDG last month, got that plus a small pasta dish and some decent wine. I was the only passenger in the cabin (2 1/2 rows, 10 seats in total, a few occupied by AZ crewmembers dedheading back to Rome. I used Delta Miles as the mileage usage was a mere 5000 over coach, did not have to wait an hour in line for TLV security as the Business Class line was so short, and I did get Lounge access in TLV. Not a real Business Class but not a horror either.
Summing it up, if it is $ 100 over coach, it's worth it but not if it is $ 300.
(All of the above is from FT)