On the one hand Egypt clearly views itself as a member of the Arab world. Nasser advocated pan-Arab unity, Egypt is a prominent member of the Arab league, Arabic is the national language, etc. On the other hand, going through the Wikipedia page it doesn't seem like the ancient Egyptians were ever wiped out or exiled the way other ancient people were when conquered. And the Arab conquest did not also include an overwhelming number of settlers.
Am I correct that modern day Egyptians are primarily the genetic descendants of ancient Egyptians? Or is there some catastrophic event in Egyptian history that I am missing?