Your daughter sounds a lot like my junior daughter in every major category lol. My kids are Hispanic on their mother’s side as well. And I have a similar mindset to you regarding a willingness to pay for a T20 as plan A or look for merit aid as plan B.
My senior son had a successful college application process this year with similar standardized scores, grades, resume etc. (although he did not take the PSAT due to Covid and therefore national merit wasn’t a part of his application) and he was accepted to his first choice Ivy League school. I say that to give you hope that your daughter (and hopefully mine) are set up nicely to do the same this upcoming year. I would have your daughter focus on ECs, college list fine-tuning and the beginnings of the application essays if I were you.