The document type position in the machine-readable zone, too, reads PP which stands for "passport; temporary / provisional / emergency".
Israelis who have been absent from the country for 10 or more years are usually issued a travel document valid for just two weeks intended to be used for a single entry to Israel, where they can then apply for an ordinary passport.
Biometric travel documents for olim not permanently resident in Israel are valid for 5 years, if issued by the Israeli Ministry of Interior.
The Israeli Ministry of Foreign Affairs maintains that travel documents in lieu of national passport are intended primarily for entering and leaving Israel.
According to the official website of Israeli diplomatic missions, mutual agreements between Israel and other countries regarding visa exemptions do not necessarily apply to holders of this document.