I'm not sure why the Palestinians should give up their right to return for refugees driven out of their land in 1948 when Israel explicitly allows the immigration of any Jew in the world into its country.
Should Germany insist on a "right of return" for those people expelled from the Recovered Territories east of the Oder-Neisse? That's the most analogous situation here.
And, no, I don't think the fact of aliyah materially damages that analogy, not when so many of the Jews that did make aliyah did so as refugees
themselves expelled from other parts of the Middle East, or fleeing more low-level persecution pressures in the Soviet Union.