Is the word espanhol the same in Brazilian and European Portuguese?

Yes

The word "espanhol" is identical in spelling, meaning, and grammatical function in both Brazilian and Continental Portuguese. The only difference lies in pronunciation.

In Brazilian Portuguese, the vowels are generally more open and clearly articulated. In Continental Portuguese, unstressed vowels often undergo "reduction." Specifically, the "o" in "espanhol" may sound more closed, closer to a "u" sound, or be much shorter and more clipped compared to the more melodic and open pronunciation found in Brazil.

Brazilian Portuguese Examples

1. Eu falo espanhol muito bem. (I speak Spanish very well.)
2. O professor de espanhol é muito legal. (The Spanish teacher is very cool.)
3. Eu estou estudando espanhol na escola. (I am studying Spanish at school.)
4. Você gosta de ouvir música em espanhol? (Do you like listening to music in Spanish?)
5. O espanhol é uma língua que eu quero aprender. (Spanish is a language that I want to learn.)

Continental Portuguese Examples

1. Eu falo espanhol muito bem. (I speak Spanish very well.)
2. O professor de espanhol é muito fixe. (The Spanish teacher is very cool.)
3. Eu estou a estudar espanhol na escola. (I am studying Spanish at school.)
4. Gosta de ver filmes em espanhol? (Do you like watching movies in Spanish?)
5. O espanhol é uma língua que eu quero aprender. (Spanish is a language that I want to learn.)