The Israeli athletes were not among those "who are no longer with us" tribute, so I doubt that it would have served the purpose.
OTOH, if they would have been included, IMO it would have been enough.
IMO, the Israeli victims are not that important to IOC for the following reason: politics.
It is easier to refuse honoring the Israeli victims, rather than to anger the Arab countries. Now, if the victims were from any other religion or country, the decision would have been a different one.
Munich victims' families did ask IOC for the moment of silence since the 1976 Olympics, and were refused time after time.
Ankie Spitzer the widow of one of the 11 Israeli athletes killed in a terrorist attack said in her interview to the
Guardian last month about a minute's silence: