The slogan predates Likud. Likud was mocking it, not the other way around. Like 10 years difference if not more.
It's always been genocidal and the original Arabic ends with "Palestine is Arab". 75% of Palestinians in Palestine use it that way. It was also Saddam Hussein's last words.
It's also vaguely an allusion to the Song of the Sea which is a daily Jewish prayer. The song has a strong "drowning people" part.
Pogroms throughout the 20th century at almost the entire Jewish population in MENA and most recently October 7th. It's in Hamas' charter.
You know the actual ethnic cleansing of jews that far exceeded the Nakbah.
Meanwhile the 20% Arab Israeli Muslim population really likes their standard of living. Come to the beaches sometime.