“Latino” refers to the mixed descendants of Spanish or Portuguese ancestry as opposed to the indigenous Mayans, Guarani, Aymara, etc that still inhabit the continent, numbering in the millions.
Sure, though you're using the community definition of the term, while the US government definition encompasses anybody from those countries, regardless of ancestry. So a Lebanese - Mexican or Chinese - Mexican with no Spanish ancestry could be considered latino by the government.
A counter example would be the American designation of 'Latino' as an ethnicity, independent of race, language, and culture, and based entirely on national origin.