I've done a fair bit of research on this, including the Jewish and Christian perspectives (which aren't really the same, at least not completely), Hindu and Buddhist perspective (again, not always entirely the same), Plato's perspective (which seems closest to the Hindu belief, but ironically came to influence the Christian concept of the afterlife), the Stoics views, etc.
Old Testament Jews didn't really talk much about the afterlife, with their focus being mostly on this life on earth, with doing good and pleasing God not aiming to get to heaven, but to get to and continue to stay in the promised land, and to have their descendants stay in the promised land, and aiming not to do bad not in fear of going to Hell, but in suffering on this earth, being killed or expelled from the promised land which would lead to suffering. Some Jews arguably believed in some form of afterlife, but it wasn't a very common theme or focus really.
The Christian view of the afterlife and Hell is probably what most people think of when they hear "Hell." I read several very interesting papers, analysis, and studies on this, and it seems that the original translation/text regarding Hell seemed to indicate that while Hell itself is eternal and everlasting, that the people in it are not. The fire is unquenchable and everlasting, but that does not mean those who are subject to it are. The word we often translate as "everlasting" seems to be more accurately "age lasting." The Bible seems to pretty explicitly state the Hell results in a second death, which would suggest that the punishment in Hell can't be everlasting, but I suppose the consequences of it are eternal. The Bible mentions burning like chaff, which actually burns quickly and is extinguished. So it seems possible that the Christian perspective of Hell was once that it wasn't a "eternal torment" but torment and a second death in an everlasting Hell (the Hell is everlasting, not the people in it).
It seems that Plato's concept of an immortal soul may have influenced Christians to believe that the soul can't be destroyed in Hell, so now Hell had to become everlasting punishment, not a second death. Ironically, Plato seems to have believed in the "Un-Christian" idea of reincarnation; that worldly temptations (what Christians would call sin) are like nails that bind the soul to the body, and that they can be strong enough that they will compel us to come back to satisfy these desires after we die (reincarnation). He believed that we could only be free from this cycle of birth and death by removing these nails; only then could we go on to be with God after we die.
Plato's view is quite similar to the Hindu view, almost surprisingly so. Hindus seem to believe that we forget our true nature by the illusory nature of worldly things, and that we can only be free from the cycle of birth and death by seeing past these illusions and temptations and coming back to God and our true nature. This is actually quite similar to the Christian view that man was created good (in God's image), but was tempted and corrupted by worldly things, and we can only be reunited with God in Heaven by returning to our true, original nature.
Buddhism branched off of Hinduism, and originally didn't seem to talk too much about heaven or hell, and I've read some Buddhist monks saying that the Buddha didn't spend too much time talking about abstract things like the afterlife because it would distract us from focusing on the current, present moment that we live in now, which is the only thing we are guaranteed and in control of.
I've heard some Jews say that they believe Hell is real, but is temporary, and intended not to punish us for the sake of punishing us, but to cleanse us of our sins; a "cosmic dishwasher" of sorts. If we die clean, if we have removed the nails (as Plato put it) before we die, we don't need to be subject to this painful cleansing, and some people may need more cleansing than others. This view seems similar to the Hindu view of Hell, that it' a real thing, a potential place of suffering one can be born into as a result of negative karma from past lives, but that it's not permanent. I've read the Dalai Lama (Buddhist) say, talking to Christians, that we can perhaps view Hell mostly as a separation from God, so if we choose to act in an ungodly way, and shun God, we are essentially putting ourselves in Hell. This works oddly well with Jesus saying that anyone who is angry at a brother or sister will be subject to hell; can they be putting themselves in Hell, that is separated from God, by shunning God and acting in a way that is not true to God or our true nature?
TL;DR: I'd say my personal view, influenced by all of the above beliefs, would be that Hell is a real thing, but that people are not tormented for eternity in it. I believe that it is intended not purely as vengeful punishment, but as a way to cleanse us from our sins, which would by why people who have managed to remove the "nails of sin" as Plato puts it, don't have to go through this "cosmic washing machine" as a Rabbi put it. I believe we can't be in the presence of God for eternity (what we would call heaven) if we don't manage to return to our original nature and free ourselves from the corruption/nails we accumulate during our time on earth. How we choose to return to this original nature, how we choose to remove these nails and seek God is up to us, and I can't personally say that there's only one "correct/true" way/path.