Other answers point to Cold War politicking as the proximate cause for today's predicament, which is true, as far as it goes. The Iron Curtain was a thing, the US and its satellites recognised (and supported) Israel, and so the Soviet Union and its satellites recognised Palestine (and supported many of Israel's neighbours and foes). This explanation, however, leaves something to be desired. Namely, it obscures Eastern Bloc support for/affinity to Israel and it begs the question of Western support for same.
The known history of the Levant goes back, quite literally, pretty much as far as we have written records, with Western writing having been developed around the corner in Mesopotamia, refined in Anatolia and the Levant itself (with a plausible, though likely spurious, ethno-cultural lineage from the Phoenicians who developed the Abjad to the Philistines of the Bible to the Palestinians of today), and perfected in Greece and Rome over the course of millennia. This is not the history exchange, so we do not need to cover all of this span, but in order to get a fuller picture of the modern geopolitical situation we should turn our eyes to the beginning of the Cold War and the formation of the modern state of Israel.
The first question is, why did the Western Bloc throw its weight behind Israel? The answer is multifaceted, and has elements which tend to upset both supporters of Israel and supporters of Palestine. In short, Israel was established out of the British Mandate of Palestine in the ashes of the Second World War, when a combination of sympathy for the surviving victims of the Holocaust and reticence toward reintegrating Jewish populations into Western Europe and North America led policymakers to embrace Zionism and to establish a refugee state in Mandate Palestine for Europe's surviving Jews.
The Zionist movement was itself a few hundred years old at that point, but had never had more than lukewarm sentiments from the British government before the Holocaust and the post-war refugee crisis -- which included, among other things, resettling over fourteen million Germans who'd been forced from territory in Eastern Europe that their families had settled, often for centuries. In light of these emergencies, establishing a Jewish settler-colonialist project on Europe's periphery on a bit of land Britain controlled seemed like an agreeable solution to preventing a possible second Holocaust. American support for Israel, while not uncomplicated (especially over Israel's nuclear weapons program), was also quite strong from well before the official establishment of Israel as a nation state.
When the Arab-Israeli Conflict really took off (and after British and French colonial power proved moribund in the Suez Crisis), the Americans decided the only way to secure shipping and keep the region at all stable was to play all sides against each other, and it even opposed Israel on several occasions (including during the Suez Crisis itself) in order to try and retain some influence among the Arab states.
The Soviet Union's relationship to Israel is similarly interesting, to say the least. Officially, Bolsheviks opposed Zionism on ideological grounds since before even the Soviet Union came to be; a further complication is that the Soviets declared part of their own territory as the Jewish Autonomous Oblast a full decade before Israel declared its independence.
However, in the immediate post-war period, Stalin and his confederates considered the newly-formed state of Israel a prime candidate for socialist revolution. Not for nothing, millions of Jews from Eastern Europe and the USSR settled in Israel after its founding, which gave a large part of Israel's population pretty significant personal ties to the Eastern Bloc as well -- many Jews remained in Eastern Europe, and remain there to this day. (A prominent example is Ukrainian president Vladimir Zelenskyy, who, likely out of a combination of his own heritage and his country's geopolitical situation, declared unambiguous support for Israel at the outbreak of current hostilities.)
Thus, in practice, the Soviets recognised and had fairly good relations with Israel until the Arab-Israeli conflict brought the Israelis firmly under the American security umbrella and forever closed off the possibility of a socialist takeover. By the time of the UN resolution in question, these lines had been drawn for a couple of decades. But one can well imagine a few decisions or contingencies going the other way, resulting in far less diplomatic support for the Palestinians in Eastern Europe. One may also imagine, as Russia grows ever-more belligerent to recover its influence amongst its neighbours, we see more Zelenskyy-like declarations of support for Israel and possibly a rescinding of recognition for Palestine.