Yes, Redmi Y2 does have the LED notification light.
No. Redmi Y2 can support only one 4G sim card at a time. Another sim card will work either on 2G or 3G network as per your preference.
Yes, Redmi Y2 does have the portrait mode for the rear camera. The front camera does not have the portrait mode.
Yes, Redmi Y2 does have the fingerprint scanner & face unlock, too.
The Xiaomi Redmi Y2 is a slightly better attempt at a selfie-focused smartphone than the model it replaces. It has proven hardware that is capable of delivering a smooth user experience, plus MIUI 9.5 which has a lot of added features.