The difference between these two identities is that of culture versus language. Typically Latina/o/x is a cultural identifier that represents a person who is from or is descended from a country in Latin America, examples being; Mexico, Brazil, Chile, and Honduras.
This is in contrast to Hispanic which is connected to the primary language spoken in their country of origin or descent being Spanish. This includes origins such as Cuba, Puerto Rico, Spain, and the Philippines.
So this means many countries of origin and descent are both Latina/o/x and Hispanic. Places like, Mexico, Cuba, Puerto Rico, Honduras, and Chile. However, some countries are Latina/o/x and not Hispanic, such as Brazil as they primarily speak Portuguese and not Spanish. While others are Hispanic and not Latina/o/x, such as Spain and the Philippines, as they are not located in Latin America.