What era is this Parshah referring to?
Ramban (in Vayikra 26:16): The events to which this Parshah refer have yet to take place - Refer to 30:7:1:1*.
What are the connotations of "Vahashevosa el Levavecha"?
Rashi (in Hoshe'a, 1:9): It is words of consolation that follow the punishments described in Ha'azinu, that end in 32:35 - in that Yisrael will forsake Hashem and Hashem will ostensibly forsake Yisrael and they will go into Galus, but there they will increase and flourishand return to Hashem with full heart. 1
Targum Yonasan: It teaches us that they will revert to serving Hashem.
Seforno: It implies that they will reflect deeply and distinguish the Emes from the Sheker and thereby realize how far they have strayed from Hashem via their way of life and pervert Hashkafos which were not conducive to His Torah.
Refer to 4:39:1:1-5 and notes.
Which Hoshe'a presented in similar fashion, concluding 'until Yehudah and the B'nei Yisrael will be gathered together'.