Propaganda feels a bit harsh. It's a pro-business article from an Israeli business periodical, so there's definitely bias at play, but I don't think any of the information presented is especially misleading.

The article is pretty clear about the genesis of the project, that the division exists because ARM bought an Israeli company nearly 10 years ago. I'd love to know more about the competitive advantages that basing the company in Israel provides, but I'm not really expecting that from a business mag filler piece.