It's more complicated in this specific instance, because Latino and Hispanic are not races, they're broad umbrella terms. Someone born in the United States to a parent with, say, Colombian ancestry may or may not consider themselves Latino; it often depends on their surroundings, their linguistic upbringing, etc. And considering that they might be white, black, indigenous, ethnically Asian, or mixed race, they may or may not be perceived as Latino.
It doesn't help that, in the USA, a lot of people don't seem to really understand that Spain exists - many of my (white) Spanish friends who've been to the states find that they magically change race at the border. On the other hand, an Argentinian descendant of German migrants might not be perceived as Latino in the US...