Are El Al's 767's not equipped with EGPWS? The story does not explain why the crew "recognized the danger and regained altitude."
I'm not sure that there is necessarily a direct correlation here with EGPWS.
I would hate to think that the crew were indeed bailed out by the EGPWS system.
There was obviously a mistake made in being where they were and it's just as likely that something didn't add up in the cockpit either by instruments or vision out the cockpit window (the proverbial mountain goat in the clouds) CVR's often have crews talking to themselves about something being not right and they indeed discover/recover the problem before the EGPWS goes off. It's the dismissive over confident crew that needs the EGPWS to give them another chance.