What this suffix does
The suffix -ous (or -ious) takes a noun and creates an adjective meaning "full of" or "having that quality". From "danger" you get "dangerous"; from "fame" you get "famous"; from "glory" you get "glorious".
The meaning is always "having or producing [the noun]". A dangerous place is one that has danger. A famous person is one who has fame. Once you know the noun, the adjective is one step away.
Direct cognates with Spanish -oso/-ioso
This is a big win for Spanish speakers: -ous/-ious almost always corresponds to -oso/-ioso in Spanish.
dangerous = peligroso
famous = famoso
glorious = glorioso
nervous = nervioso
serious = serio/grave
Note the spelling difference: English has no accent and uses -ous (not -oso). But the pattern is the same and the words are instantly recognisable.
The -e and -y before -ous
When the base noun ends in silent -e, it is usually dropped before -ous: fame → famous, nerve → nervous.
When it ends in -y, that -y becomes -i: glory → glorious, victory → victorious.
The variant -ious appears when the root needs that extra vowel sound to flow naturally: ambition → ambitious, religion → religious.