One of the basic positions of Reformed Baptists (and others, inconsistently) is that the NT deals primarily with individuals rather than with corporate groups.  The institution of Israel in the OT is not so much transformed as it is dissolved in favor of its myriad atoms.

But where is the evidence for this kind of transition? Neither Jesus, Paul, nor Peter ever warn anyone about mis-applying the OT in some way so as to put too much importance on the visible community. On the contrary, the OT is treated as an authoritative and trustworthy guide for understanding the institutional Church.  Thus, 1. Peter 2.4-10:

As you come to him, a living stone rejected by men but in the sight of God chosen [or elect] and precious, you yourselves like living stones are being built up as a spiritual house, to be a holy priesthood, to offer spiritual sacrifices acceptable to God through Jesus Christ. For it stands in Scripture:

“Behold, I am laying in Zion a stone,
a cornerstone chosen and precious,
and whoever believes in him will not be put to shame.”

So the honor is for you who believe, but for those who do not believe,

“The stone that the builders rejected
has become the cornerstone,”

and

“A stone of stumbling,
and a rock of offense.”

They stumble because they disobey the word, as they were destined to do.

But you are a chosen race, a royal priesthood, a holy nation, a people for his own possession, that you may proclaim the excellencies of him who called you out of darkness into his marvelous light. Once you were not a people, but now you are God’s people; once you had not received mercy, but now you have received mercy.

Don’t be misled by the ESV’s blockquotes. Paul does not stop quoting Scripture with verse 8. In verses 9 and 10 he tells the Church made up mostly of Gentiles that they are the fulfillment of OT Scriptures addressing the nation of Israel.  Exodus 19 and Hosea 1 and 2 are both about the election, calling, judgment, and restoration of Israel.

But what about individuals? That’s just the point. Those have always been addressed in Scripture. Claiming that the New Covenant “cares” more about individual realities is a way of insulting the Hebrew Scriptures and the unity of God’s plan of salvation.