No Bourbonic Reforms = Better Latin America ?

From what I understand, the Bourbonic Reforms IOTL reduced the power and influence of the elites in Spanish America (a.k.a. those who can best lead it to independence) and greatly centralized power to the great cities - mostly Mexico City and Lima (thus averting the kind of federalist tradition that would have helped Spanish America to become a single union after independence).


If the Hapsburgs remained in power in Spain, could we see a free united Spanish America as Bolivar pictured it, or at least have it divided into two or three great countries instead of the dozen that exist now?
 
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