Answer:
I believe the label of "Latino/a" is still an appropriate and meaningful social categorization for the vast range of people from the 30+ Caribbean, North American, Central American and South American nations who are included under that umbrella.
It's important to note that when we use this term, we're not referring to people who live in countries like Mexico or Cuba we're talking about people who identify as being from those nations. And even though there are many cultural differences between these groups, and even within-group differences the general idea is still very similar: a shared heritage and identity that is tied to a nation's history.