The word dispensation appears only four [4] times in the New Testament and each time it means stewardship. It does not appear in the Old Testament.
Here are the four places used:
1Co 9:17 For if I do this thing willingly, I have a reward: but if against my will, a dispensation of the gospel is committed unto me.
Eph 1:10 That in the dispensation of the fulness of times he might gather together in one all things in Christ, both which are in heaven, and which are on earth; even in him:
Eph 3:2 If ye have heard of the dispensation of the grace of God which is given me to you-ward:
Col 1:25 Whereof I am made a minister, according to the dispensation of God which is given to me for you, to fulfil the word of God;
NONE of these is about stewardship (as in use of time, money, talents...) rather in each, it is saying that a section, an appointment of grace, an ordination of obligation, or a appointment of time is the use.
The word is not "how" but "to." It is a word not showing the motivation but the reward.
To that end, when dispensation thinking use the word, it is accurate.
If I used dispensation it was my word, not Scripture.
You show me that those who hold to a covenant interpretation of Scripture, believe that the Church for which Jesus Christ died is a parenthesis in God's plan for Israel and I will most humbly apologize for use of the word, heresy.
You dispensationalists seem to forget that the initial promise of redemption was made thousands of years before the world ever heard of Israel. Try reading Genesis 3;15.
As for Israel God chose them for the purpose of bringing Jesus Christ into the world. When that task was done Israel became like every other people, lost without Jesus Christ.
I am not a one who endorses dispensation view(s) in total, just as I do subscribe to covenant view(s) in total.
I am certainly not forgetful of Genesis 3:15.
Israel by in large is "lost without Jesus Christ."
However, (not to derail this thread) I also hold that the unregenerate Israel will not be left in blinders (as God has stated they currently are) because the Scriptures do teach that "they shall look upon Him whom they pierced and morn..."
The Scriptures do teach that God puts a hook into their mouth as a fisherman's catch and drags them back. That God does specifically place redemption into their hearts, and that this is a particular work given and not to the whole of the humankind.
That covenant folks would argue against such scriptures and not take them as literally applicable is similar to the a-mill perspective of the world getting more utopian.
I reject that type covenant thinking, just as I reject the dispensation thinking of the age of grace not applicable to the salvation of all mankind from Adam to the last amen. God doesn't modify the plan mid stream and present different modes of salvation at different times.
The point is to stay as closely aligned with the most literal teaching of the Scriptures as possible, while knowing that simile and metaphor are used (as in any great writing) and the reader must discern the use.
One other point.
It is certain, that the prophets of the OT saw the Lord on this earth in two realities: First as a suffering savior. Second as a king of kings.
It is certain that the Israeli folks of 2000 years ago were confused about how these two presentations were to be established.
Such confusion is often erased by hindsight.
The apostles "eyes were opened" to the truth, and they could use the OT (for that was their Bible) to contend in the synagogues of the Israeli's throughout the known world.
The writing of the NT is evident that Christ did come and will come in both realities. The contention that Christ didn't rule as prophets stated He would is then no longer an issue - for it is to come (just as in the fulness of time, Jesus came as a suffering savior). The apostles knowing this could show in their Bible (the OT) how God is faithful concerning all His promises.
Full endorsement of covenant thinking obliges one to reject or manipulate large sections of prophecy and writings to apply it to a "spiritual Israel" in rejection of a physical Israel returned unto God.
Personally, I see no separation of the "spiritual Israel" and the church. They are one. I see "all Israel shall be saved" as factual and discarding none that are believers.
Personally, I do see God removing the blinders and opening "physical Israeli" eyes to the truth, and Christ sitting as the King of Kings in Jerusalem ruling the world with a rod of iron in a millennial reign as the prophets and John record.