They might not like each other for the most part but all the shit talking is usually surface level banter. Usually brought on because of soccer team rivalries and some other mutual cultural similarities.What is interesting is that in their own countries they have their mini rivalries and often don't like the other Latin American countries but when they come to the west they are all band together to some extent. For example in Australia I have seen mixed groups of Latinos all hanging out together (Chileans, Colombians, Argentinians, Peruvians, etc) whereas you see in their own country for example Colombians will talk shit about Venezuelans and Argentinians will talk shit about Colombians and do not associate with them etc.
Their hatred of Europeans or light skinned people is so great to they are willing to put aside differences in order to defeat a common adversary.
Besides hispanics, this rings especially true for blacks, indians, and liberal/democratic whites(who will ally amongst themselves and the very other races looking to exterminate them)
Truly the enemy of my enemy is my friend mentality.