Latino but not Hispanic: Should I Apply as Diversity Student?

For reference, I'm a white male at a target school mostly doing the things needed for the upcoming 2024 SA recruiting cycle.

When speaking with a Director at a mid tier BB, she said (in a nicer way) I have almost no chance at her bank applying with my demographics.  This brought me thinking to the fact that a parent of mine was born in a Latin American country and has citizenship in that country, which by definition makes me Latino (refers to nationality) but not Hispanic (ethnicity).  I could even get citizenship through my parentage just to prove further that I am Latino, and can apply as Latino to the programs that only specify Latino/Hispanic. With that said, a large part of me worries both about the ethics of abusing the system (though it is flawed) and the practicality of interviewers seeing and questioning me about my apparent whiteness.  

Should I take advantage of this technicality in the upcoming recruitment cycle?  Aside from the ethics, would interviewers frown upon me taking advantage of the system and would it hurt my prospects overall?  I am currently leaning against applying under diversity, but am truly grateful for any perspectives.