I think I'll give you all my view as a person who is "Hispanic".
I was born in an American city on the US/Mexico border. My father was born in Mexico and all four of my grandparents were all born in Mexico too. My mother was born in the US. So, I consider myself "Mexican-American", "Chicano" or "Hispanic".
I am bi-lingual and I speak English with a slight Texan twang. My Spanish has an American inflection. I am too American to be considered Mexican by Mexican people and I'm too Mexican to be considered American to American people. Hence, my hyphenated descriptor. I live in a sort of strange bubble.
To me, the Spanish are white Europeans. I consider myself white with Mexican ethnicity and heritage. But this is because of my age. I am 50 but things have changed recently. My birth certificate states that my race is white but I have Mexican ancestry. I suppose that by having Mexican ancestry, we are a combination of native peoples of the Americas and European so we are not "fully white" and the current times now reflect that I am a "person of color". It's all very new to me and filling out the census form in 2020 was confusing. I'll admit that knowing this change makes me even more confused why a Spaniard is considered "non-white". That makes no sense.
One thing I will say, regarding @Lampzade and her comment about how Americans don't view the Spanish as being exotic but how they're thought of as a people who have poverty and servitude, is that it is not the view of "all" Americans but perhaps those not of "Hispanic/Latino" descent.
I was brought up to believe that being "more Spanish" was better. I can't tell you how many people will go out of their way to mention their close connection to a relation in Spain. They proudly proclaim that their grandparent was born in Valladolid but "the one in Spain not Mexico". A common compliment is that a person looks "Spanish" or exhibits more "white" features and less "Indian or native" features is just that, a compliment. Or when a person speaks Spanish eloquently, it's said that they speak "properly and like Castellanos" which means they are learned like Castilian people. Mexican Spanish is frowned upon as being inferior.
Obviously, my family has no connection to Spain but far in the past; I am dark-skinned and was always ostracized because most people favored my lighter-skinned sister and called her beautiful; I speak more the mere common Mexican Spanish and when I visited Spain and spoke Spanish, a Spanish waiter laughed and spoke in English because my Spanish was "not good" (BASTARD). My god, if the Mexican language was so bad, we would not have gifted the world words like "chocolate" and "avocado" which are both immense. Plus, we don't say "chori-tho" or "cora-thon" but "chori-soh" and "cora-sohn" (heart) like decent people across the entire Americas as we don't speak with a lisp!
I find the whole Hilaria/ Hilly saga really comical but confusing. Being Spanish to the Mexican community is understandable because to us, it's more revered, I suppose. Interestingly, she claims to have "struggled" because of her Spanish-ness or whatever but that's not true in my part of the US. If she really wanted the Hispanic experience, then she would claim to be Mexican but she wouldn't want that!
Being Mexican Hispanic specifically means that most American people keep telling me to "go back to where you came from". I am already there. I get told, "Your English is very good". Of course it is, I am Texan. I got my first job, not because I was the best candidate but because I fulfilled a "quota" as the company needed to have 25% of the staff as "Hispanic". It just goes on and on and I won't mention the shit I get from Mexican people because I'm American. It's all tedious...
Btw, please, by all that is holy, don't refer to us as "Latinx". It's only used by a small minority of people but on the whole, "Latino(a)/ Chicano(a)/ Hispano(a)" is fine.