Una pregunta sobre el uso de “vosotros/as”, “ellos/as” and “ustedes” y las diferencias entre España y América Latina

So to my understanding, Spain has the following setup:

“Vosotros/as” is the second person plural and means “you” in plural (you all)

“Ellos/as” is the third person plural and means “they”

“Ustedes” is also a third person plural and is the plural form of “usted”, so it means “you” in plural but for more formal contexts

Think I got that right. Now, onto Latin America. They don’t use “vosotros”, and since this is known as “vosotros vs ustedes” I would think they use “ustedes” (which would be in the third person plural form) in place of “vosotros” ? Now, I guess “ellos” still means “they”, but could it also mean “you” in plural (just like “vosotros” in Spain)? Furthermore, if you would formally adress a group of people, would you still use “ustedes”, even though that would also mean informally adressing a group of people? I searched for this but couldn’t find anything.

Also, no need to include the “vos” form in this, that’s something different.

Quite a long question, I’ll clarify anything needed of course

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