This isn't a question but i tried googling this stuff and I didn't get anything useful. Eventually, I figured it out so why not share it with people who might need it.
Basically there's a function on UAkComponent/UAkAudioEvent that has a HasActiveEvents() bool which fits well into any if else statement.
if (Actor->AkComponent->HasActiveEvents())
UE_LOG(LogTemp, Warning, TEXT("Playing Event!"));
else
UE_LOG(LogTemp, Warning, TEXT("No Event Playing"));
UE 4.24, Wwise v2019.2.2.2725