"The guerrilla wins if he does not lose. The conventional army loses if it does not win"

Winograd Commission which was the Israeli government appointed commission of inquiry concluded

The report categorised the 2nd Lebanon war as a serious missed opportunity. The war had ended without clear military victory, a much smaller para-military organization successfully resisted against a much larger force which had complete air superiority among other technological advantages. Lebanese rockets aimed at Israel's civilian population continued throughout the war which Israel could not effectively stop. Life in the affected regions of Israel was seriously disrupted, with many civilians either leaving their homes temporarily or spending time in shelters. When Israel initiated a large scale ground offensive the offensive did not result in military gains and was not completed.

More in the link. However it did note

The war had significant diplomatic achievements. UNSC Resolution 1701, and the fact it was adopted unanimously, was an achievement for Israel, despite an absence of preparatory staff work and discussions. The staff work done in the Ministry of Foreign Affairs concerning the adoption of a favorable resolution in the Security Council was, in the main, quick, systematic and efficient.

From my memory of the events at the time, it was certainly not a decisive victory. Israel seemed to underestimate Hezbollah's ability to fight back and seemed caught off guard that this was going to be more attritional than planned. And by then morale of their supporters got lower as they were frustrated by then.

However, all Hezbollah managed to do was get a stalemate. Nothing militarily gained but some increase on global opinion of their capabilities. But at what cost? The Lebanese people suffered during the war.

It was a stalemate that by the end of the war one wasn't quite sure if anyone gained anything.