True enough in terms of “evangelicalism” of which Calvinism is a dead branch; BUT there’s more to the biblical story than that, IMO.
As I understand it, redemption i.e., being bought, was indeed limited BUT its effect comprehensive and universal. How does that work you might ask?
As a pantelist I understand that redemption was pertinent predominately to Israel — Israel in “trespasses and sins” had fallen short of God’s glory as His image bearer to the wider world. As a result Israel needed “saving” i.e., redeeming, a bringing back, and that is exactly what Jesus did — he saved his people (Israel) from their sins — sins that needed perpetual year-on-year atoning for Jesus paid for, ONCE for all to redeem all Israel. In this light compare…
Mt 1:21 And she will bring forth a Son, and you shall call His name Jesus, for He will save His people from their sins.”
Rom 11:26-27 And so all Israel will be saved, as it is written: “The Deliverer will come out of Zion, and He will turn away ungodliness from Jacob; For this is My covenant with them, when I take away their sins.”
Heb 9:15 And for this reason He is the Mediator of the new covenant, by means of death, for the redemption of the transgressions under the first covenant, that those who are called may receive the promise of the eternal inheritance.
ONLY Israel was under the old covenant — NO-ONE ELSE — His people being historic corporate Israel, period. In the gospel however faith-filled Israelites came to be the nucleus of God’s new covenant, again, ON BEHALF OF their “brethren” Israel. To this many a Gentile in the gospel then joined, having been… “aliens from the commonwealth of Israel and strangers from the covenants of promise, having no hope and without God in the world.”
The NT story is about THEIR redemption — specific (Rev 5:9-10). This however in the greater plan of God was no end in or of itself, no. Israel’s redemption through Christ the firstfruit AND his firstfruit saints of that era was the catalyst for the reconciliation of man to God. Thus redemption and reconciliation though indelibly linked are two different things — two wings however of the one dove of God’s graciousness.
And this from the pantelist perspective is what this looks like, as per Paul…