Hardship is hardship regardless of where it's experienced, or by whom, it doesn't make it any less real, but it does take on very different flavors depending on the cultural context, and that can shape one's outlook a lot. Being in a bad spot while surrounded by examples of people that are doing well is inevitably going to be a different experience from going through hardship somewhere where everyone around you is also in a shit situation. They both suck, and I'm not about to try and compare one to the other, but it wouldn't surprise me that alone produces different results for the people experiencing the hardship.
For example, since I moved to the US ages ago, I've regularly found a lot more in common between myself (a central american) and the world views of immigrants from china, vietnam, and russia, than I have with people from the US, and it wasn't because my american friends were all super well off (most of them live paycheck to paycheck, and more than a few have dealt with homelessness, drug addiction, or involvement with other dubious activities). It's hard to describe, but it encompasses a sort of "what doesn't kill you makes you stronger" type of outlook that seems to form the basis of much of the thinking in these cultures. At least in my experience.
And in the case of slurs in spanish in particular, it's actually part of a broader context that includes the casual use of words that would be considered blunt insults in the west (though not necessarily slurs), as expected parts of conversation, and often times even as terms of endearment. Like, getting someone's attention by calling them the spanish equivalent of "fatso", "bastard", or "idiot" would be considered normal and non-offensive by the person receiving the remark. It's viewed in the same vein as calling someone skinny/short/tall/black/white/asian/etc, which is to say, it's treated as light-hearted mocking that doesn't really mean anything other than something to get your attention by. If a person wants to take a mild jab at you, they might call you one of the more infamous "slur" words like puto/pendejo/maricon/idiota/etc, but the terms in this group vary wildly by region, and they're generally not considered to be any more severe than calling someone an ass here. If you really want to get under the skin of someone in spanish, you have to basically insult their mothers or physically threaten them somehow. Basically, so long as you aren't literally threatening a person's family or physical safety, it's not really taken seriously very much, and I believe this is largely because your physical safety can very realistically be in serious danger in those parts of the world. For example, it's been several years, and I still find it odd to not hear gunshots going off outside my house at night every now and then; which is weird because it's not something you'd normally associate with a comforting sound that would remind someone of "home".
That being said, latin-america is huge, and I don't claim to speak for all the countries there, but there is a decent amount of overlap in the cultures.