Do the Jews already have their king and kingdom?
They do not. According to the context, the Jews have a long way to go before they have the realities of their king and their kingdom. They remain in spiritual national blindness, broken off from the roots of Abraham, though God is not through with Israel and they are returning to their homeland.
Les explains that God is not through with the nation of Israel. They have been blinded and broken off from the roots of Abraham, and have been in spiritual national blindness for over 1,900 years. However, God has not lost track of them. In our generation, the Jew is coming back to his homeland, but they are not out of the woods yet. They have a long way to go before they have the realities of their king and their kingdom. This sets the stage for Romans 11:26, after the fullness of the Gentiles has come in.
And so all Israel shall be saved: as it is written, There shall come out of Sion the Deliverer, and shall turn away ungodliness from Jacob: