So Palantir receives info from governments only to… hand it back to them? It seems like most people really don’t know what Palantir actually does and are just speculating.

No, we know very well how they operate. They're paid to get all kinds of sensitive information from governments and other institutions around the world and store it in their very "secure" data centers. Once there, the US government can easily get any of that information for "national security reasons", because how would they say otherwise, and the Israeli government can do the same as well without even announcing anything, because how would the US government ever say "no" to them... It's all just obvious at this point.