My take. If you're going to oppose Izraeli fascism, racism and criminality - which we all should- then you should boycott all things Izraeli, trade, academia, sports, whatever. Like the sanctions that the US imposes left, right and center around the world ( but not in Izrael ) the reasoning is that this will generate change from within. In a fair and just world the Olympic Committee wouldn't have entertained any Izraeli entries and athletes would not be put in the position of this competitor . He has refused to sacrifice his moral judgement. So should we all. While the world is watching Izraelis perform in Tokyo, back in Palestine they are killing Palestinians, shooting them with live fire, throwing stun-grenades into their places of worship, burning their crops, spraying sewage into their homes. The only visible punishment we see for these atrocities is a denial of Ben&Jerry's ice-cream service.
In short, you're either with fascsim, racism and criminality or you're against. There isn't any middle ground, although moral cowards claim that there is.