Now, if the US population mix between the two groups was 20:1 in favor of East Asians compared to South Asians, then the use of the category "Continental" would capture Asian Americans almost as accurately as though they were racially sorted into that group.
We don't have many Yugoslavian or Italian Argentines being classed as Hispanics in the US - what we have a lot of is Central American Mestizos and Caribbean Mulattos, both of whom share ancestry with Caribbean/Central American AmerIndians.
The fact that the US made a social decision on how to define Hispanics - grouping Mestizos, Mulattos, White Argentines, Native Spainairds, White Cubans, etc into a cultural group doesn't mean that the cultural group "Hispanics" connotes no racial information. Now that could certainly change if the US population of Hispanics became evenly divided between Mestizos, Mulattos, White Argentines, Native Spainairds, White Cubans and so on such that the social category of Hispanic became completely divorced from any underlying genetic basis. That would be a prime example of a socially determined identity - what common feature do all of these categories of people have in common? The government calls them Hispanic and that is their new socially created group.