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I think that you can wire a function rather than a var as the result of fetchL2PropertyValues.

This means it's basically a callback where you can set values and run your other logic.

So you'd write it like:

@wire(fetchL2ProductValues,{productId: '$l1SavedValue',userType: '$userType'})
l2ProductValuesCallback({ error, data }) {
    if (data) {
        //do all the logic you wanted to run in the callback... 
       var key,count =0;
       for(key in this.l2ProductList){
         if(this.l2ProductList.hasOwnProperty(key)){
           count++;
         }
       }
       if(count > 0){
           this.showProductL2 = true;
       }else{
           this.showProductL2 = false;
       }
    
    } else if (error) {
        //handle your error
    }
}

Also... that logic seems like it could be simplified - try investigating array.some() which iterates until a condition evaluates to true. Depends on the data structure of your list that you are returning.