In general, I think an inlay tile looks better in a modern home. Also, less of a tripping hazard and finally, gives more flexibility to the furniture layout. Notice, for example, here, they were able to flank the fireplace with chairs. With a raised hearth, the hearth area is automatically excluded, when considering furniture placement.

What is a "modern Spanish home"?

The Spanish interpretation of "modern farmhouse"!

Plenty of examples on Houzz. A hint of southern CA Spanish style with simpler cleaner lines.

I used these as inspiration when I designed mine:

Azalea Residence II, Dallas Texas · More Info

Casa de la Paz · More Info

Mark Kelley Construction Co., Inc. · More Info

Since you have tile, I'd inlay tile in the wood floor in front of it.

I vote no Hearth, they can be dangerous for children.

Inlay tile in the floor.

I would inlay.

I need a bit more info and for sure a pic of the FP .