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Israeli data: How can efficacy vs. severe disease be strong when 60% of hospitalized are vaccinated?

I have seen this statistic of "nearly 60% of Israeli hospitalized COVID-19 patients are fully vaccinated" mentioned in numerous media reports and social media posts

From many, I have seen this statistic used as evidence to support a narrative suggesting vaccines don't work or have lost their effectiveness vs. severe disease, and I have seen other articles quote this type of figure as further evidence for the reduction of effectiveness of the vaccines in trying to justify 3rd shot boosters.

However, while these numbers are true, to quote them as evidence for low vaccine effectiveness is wrong and misleading [H.d.A.].

Zur Erläuterung siehe www.covid-datascience.com