I think this counts total number of migrants for most cases, not just people living in those countries with a foreign citizenship. That's for sure the case of Spain, those 3.3 million are the "latin american born" people, but over 1 million of them adquired spanish or other european citizenships already. Edit. It's not the case for Italy, but the numbers don't change much in most countries with the exception of Argentina which however continue having less migrants in Italy than those born in Peru, Brazil and Ecuador.

There are just not many argentines in Italy and even just focusing on italo-argentines, they seem to migrate to Spain mainly. Out of the 327.433 people born in Argentina and "legally" living in Spain, 63,571 use their italian citizenship vs 161k that adquired spanish citizenship, 93k still living only with argentine citizenship and 10k with others, mostly german, french and other EU ones (edit.) while in the case of Italy, there are 71k people born in Argentina, roughly 60k under italian citizenship and close to 10k with only argentine¡ one.