I had the same quandary many years ago. I ended up choosing SEA for less crime. I can deal with property crime but everyone I know who has lived in major Colombian cities have been robbed at knife point, and they have to avoid many areas at night. (This is true in Philippines too.)
Another major reason for me was Latin girls are too dramatic for my tastes. I've already got 99 headaches to deal with in life, I'm not going to let a bitch be one of them. I also prefer skinny asses and clean assholes, both of which are harder to find in Latin America.
Final major factor was the language. The level of English in both regions are pretty similar, maybe higher in parts of Latin America, but you can live in any SEA country for many years and nobody will ever expect you to learn the language. I know a bit of Spanish but I don't like the language (this will not endear me to Spanish-bros here but I'm being honest). It does sound better than Thai and Vietnamese, but frankly I have no interest in learning any of them, and this level of insular stubbornness is normal in SEA but not normal among gringo expats in Latin America.