No, not in the American sense of the word.
In the American definition of the word Latino, a Latino is someone who is from Latin America or is of Latin American descent.
Latin America is the countries and territories in the Americas that officially speak a Latin-based language, otherwise known as a Romance language. The three Romance languages spoken officially in Latin America are Spanish, French, and Portuguese.
So no, Penelope Cruz is not Latina. She is from Spain, not Latin America.
Keep in mind Latino is not a race regardless, and that any race of people can be Latino.
And in many European contexts, the word Latino refers to Latin Europeans, in which case she would be considered Latina. But I assume you're American.
Don't listen to the people like Latina magazine which will include her as being a "Latina." She's not. People forget about a country called Spain that is in Europe, and some people think Spain is in Latin America or something.