Yeah, there are already words for that. Castizo for Latinos of mainly European descent and Mestizo for the mutts. Not really that complicated. If we're going the native Mexican route, Mesoamerican is still a thing. If we're talking skin color, that's not much a factor there compared to your breed. We going deeper into the sinkhole to the less prevalent side of things, you have mestizos and castizos separating themselves by family because cousin fucking is still socially acceptable over there, it's distant and removed most of the time but it's still cousin fucking, and native Mexicans separating themselves by tribe. Cousin fucking happens in more closed off towns, though. At least in my experience.okay, maybe Italians were a bad choice, but there's also people who are of Welsh, German, and other definitely-white Euro descent groups who live in Latin America. there's still Welsh speakers in Argentina.
anyway, the problem is that there are people from Latin America who are white, black, or Asian, and can thus by the US government definition consider themselves Hispanic, but when people say Hispanic they mean 'brown-ish person who is a mix of Spanish and Native and maybe a little black but not too much'. and then there's a decent number of indigenous people from Latin America who don't even speak Spanish who've moved to the US, and I'm not really sure Hispanic is an adequate descriptor for them, but they can't call themselves Native American because Native American is reserved specifically for members of US tribes iirc.
in any case, I would agree with the previous poster that the majority of white/Hispanic marriages involve Hispanic people who look pretty white.