This is a completely specious argument, unless the Mexicans had annexed (re-annexed?) part of the US and made a new country called Mexico II where Texas used to be, created an apartheid state where most all the Texans living there were relegated to non-citizen status, etc.

The basic problem is that the Jewish homeland was created on land that already had an indigenous population, instead of (for example) carving out a piece of Germany that actually committed the Holocaust and making Israel there.