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It's not that shutting down Suez traffic doesn't do this. It's that it's an act of war against any country moving cargo through there. It's entirely too broad.
And they haven't had an impact. Not beyond discussing it here and lining themselves up for NATO ground mission (If not a UN one). We already have a military UN mission keeping the Suez Canal open and it has been the subject of wars before. It really is that important as a logistical route. And the IRC is hardly a GoFundMe.
They could go fight the Israelis directly. Because it's not just Mediterranean. It's literally the entirety of Europe from all point east of the canal. And Europe is not going to tolerate it. The most impactful thing they get is actually the first ever foreign deployment of an EU military force.
If you consider the history of Yemen and the decade-long struggle of Houthi insurgents against a Saudi backed dictatorship, eh? They've been at war with a proxy of a proxy of the US for some time now. Might as well claim the Taliban is committing an act of war against countries moving cargo through Kabul.
95% of traffic routed from the Red Sea isn't an impact?
They are. This is a direct attack on the Israeli economy. It is costing the state billions.