I was staying at a marine research center located a little south of Eilat and closer to the Egyptian border. The reef in that area on the Israeli side started very close to the shore (within maybe 20 yards or so), and the bottom dropped off very quickly into deep water just past the reef. I don't recall seeing any significant flats or grass beds, at least not on the Israeli side. Doesn't mean they weren't there, but I didn't notice them (sometimes hard to see past the topless French sunbathers

). There was very little shallow water, the bottom drops off fast.
When not distracted above the high tide level, I was focused on the reef itself, which was absolutely teaming with life. There was a great diversity of reef fish. I would bet there are some beasts cruising the outside ledge of the reef, but you would need a boat. Within wading distance there were plenty of fish resembling snappers and smallish groupers. The reefs were very pristine, no bleaching or damage like here in the Keys for the Caribbean. Much less pressure on the reef there. I don't recall seeing anyone fishing and little recreational boating.