https://college.harvard.edu/admissions/preparing-college/choosing-courses
Harvard recommends four years of a single foreign language. As every high school is different, Admissions doesn’t recommend an honors class, over an AP class, over a regular class.
That said, if a high school student takes AP Spanish and scores a 5 on the AP Spanish exam, they are exempt from Harvard’s foreign langue graduation requirement. So in a sense, AP Spanish is more highly valued than honors or regular. However, a student can also be exempt from Harvard’s FL requirement by taking a placement exam before matriculation, or by scoring a qualifying score on the SAT Subject Foreign Language Test or an IB test. See: http://static.fas.harvard.edu/registrar/ugrad_handbook/current/chapter2/language_requirement.html
Bottom line: You should try to take four years of Spanish at your high school. And if your HS offers AP Spanish, you should take it. And that recommendation is not just for Harvard, but for all selective colleges.
Will it hurt your chances if you don’t take 4 years of a single foreign langue even though your high school offers that option? Not really, but it certainly won’t help your case if you don’t, as all selective colleges look for students who have taken the most rigorous academic classes available to them at their HS.