That would be a safe assumption. So, that makes 93 less F-16A/B "Netz" then, but still leaves 319-93=226 assorted F16s, including 99 F-16I. Interestingly, you are not also pointing to F15A/Bs Baz: are they not older and less capable than C/D?
As indicates M-346 is there to train F-35 and other pilots, mainly. As such, they support the effectiveness of other aircraft types.
However, In November 2015, it was reported that Alenia Aermacchi was close to finalising a combat-capable dual-role variant of the airplane. In late 2014, a series of armed tests involving the IRIS-T missiles took place. In 2015, an armed variant, designated as the M-346 LCA (Light Combat Aircraft), was offered to Poland; this reportedly included a capability of operating the Brimstone air-to-ground missile. So, imho, there is no doubt that this trainer can serve in a light attack role and I also have no doubt Israëli military industry can quite easily make such a capability available to IAF if Israëli DoD decides it wants it.
I don't see the Saudi Hawks as attack aircraft either. The AJTs/Mk. 165s would replace older mk65 models of Hawks in the RSAF inventory. Any and all armament is optional (but possible).