Children of Israel would later become the nation of Israel.

The exodus is simultaneously the escape of the people of God, the Israelites from Egypt, the land of slavery — they exit out of slavery into the Promised Land: it is the exodus — and, at the same time, it is a one-word way of referring to the events surrounding the exodus that includes, therefore, the judgment of God on the Egyptians, the plagues. It also eventually includes the giving of the Law, the years of wilderness wanderings, and eventually entrance into the Promised Land.

The events from Exodus are foundational to the Jewish faith. And they provide crucial background context to help future readers of Scripture understand the entire Bible’s message of redemption. The frequency of references to Exodus by various biblical writers, and even Jesus’s own words, testify to its importance.

Sources:
https://oakwoodbible.org/books-of-the-bible/exodus/
https://www.desiringgod.org/interviews/exodus-understanding-one-of-the-bibles-major-themes