Perhaps in the US but if you actually go to Latin America NO ONE calls their race Latin/Latina/Hispanic. Everyone I know goes by Black, White, Native American, Asian, Pacific Islander, or a combination of two or all of the above.
It is the same as calling North Americans a race and I doubt anyone would do that. And obviously that North American is not a race but like Latin America, Europe, etc. it does have a culture in common.
The US only uses it to separate Hispanics from North American. It was not a category until there was a huge influx of people from Latin America. No one cared when a few Costa Ricans, Brasilians, Argentineans, etc. immigrated to the US.
It is more of a political (and social) than a scientific thing……
I am not sure if the term is used in Europe.
ETA: Race is such an arbitrary term anyway. During the 19th Century, Italians and Irish were each considered a separate race.
The idea of race changes with politics and society.