Israel has, historically, been slowed or constrained by international (specifically US) opinion and pressure. This means that - theoretically - there is something to salvage for a viable Palestinian state in the future. Eventually, a point will come where there is nothing worth salvaging: a handful of crammed, urban open-air prisons, and where a Palestinian's only realistic hope of a better future is emigration. Support for Israel is draining away, and if the dial finally shifts against it in the USA, that's when Israel might finally be forced to back down and the Palestinians get a state. But only if there's anything left to save.
I cannot be sure that Trump will let Israel rampage over the Occupied Territories. Maybe he'll kerb-stomp Netanyahu in petty revenge for his perceived betrayal in accepting Biden's 2020 win. Maybe he'll arbitrarily try to force a peace on Israel just to go down in history as the man who resolved it to feed his ego. However, given his previous administration's policies (moving the embassy to Jerusalem, attempting to persuade or induce Arab nations to normalise relations with Israel, general Islamophobia, thoughts on "shithole nations", etc.) and evident Republican enthusiasm for Israel, I think the chances are he's very bad news for the Palestinians.
The status quo is shit for the Palestinians. The Democrats are part of that, and no-one has to forgive or like them for it. But there's a very good chance that in terms of the US election the alternative to the Democrats is much, much worse, and brings the Palestinians faster to final and irrevocable loss. The good news being, as you say, at least that's going to be different.