I've heard this slant. I just don't buy it because, yes, the Israelites were brought out of Egypt, but their treasure has now been dispersed to the world of the Gentiles. Their treasure contains the 10 commandments of God. Those are basic. Christ enforced them by putting His stamp of approval on them repeatedly in the New Testament, and He was not only speaking to the Jews, He was fully aware that the entire world would be reading His words thousands of years after He spoke them. The entire plan of God was given to the whole of humanity. Scriptures say the commandments tell us what sin is. That will never change. Besides, we are now, as the body of Christ, the New Israel.
Jesus doesn't agree with that assessment.
Luke 10:25 And, behold, a certain lawyer stood up, and tempted him, saying, Master, what shall I do to inherit eternal life?
26 He said unto him, What is written in the law? how readest thou?
27 And he answering said, Thou shalt love the Lord thy God with all thy heart, and with all thy soul, and with all thy strength, and with all thy mind; and thy neighbour as thyself.
Jesus only affirmed parts of the Law that are not in the Ten Commandments, Sabbath wasn't worth mentioning.
Deut 6:5 And thou shalt love the Lord thy God with all thine heart, and with all thy soul, and with all thy might.
Lev 19:18 Thou shalt not avenge, nor bear any grudge against the children of thy people, but thou shalt love thy neighbour as thyself: I am the Lord.