Good Question, Apasas !!!
Neither "Hispanic" nor "Latino" refers to a race, as a person of Latino or Hispanic ethnicity can be of any race. Like non-Latinos, a Latino can be of any single race: White/Caucasian, Black/African American, Asian, Native American, or Pacific Islander. Again like non-Latinos, some may identify with more than one race, such as Mestizo (a bi-racial person of White/Caucasian and Native American descent), Mulatto (a person of White/Caucasian and Black/African American descent), Zambo (a person of Native American and Black/African American descent) or any other race or combination.
Well, That is a defenition and a half, and Does not include Brazilians and specifically refers to "Spanish culture or origin", and what you get is a big messy ***** !!
Labels are OK for convenience, but are Rarely 100% Accurate !!
Whatever Takes your Fancy !!!