I see what you're saying, although I disagree slightly on the rhetoric/policy thing. Rhetoric is a leading indicator and often guides practice before policy has been put in place. I think Latino people are objectively less safe from discrimination (both official and informal) than they were a few years ago, for example. There hasn't been any formal policy against Latino people, but stoking the fires of racial resentment emboldens bigots and has a chilling effect on the targets of bigotry, or those who might be mistaken for being targets.

This is offered to supplement rather than refute your point though.