Hi Saurabh,
On LACP especially if it consists only 2 ports, no matter hash algorithm you use on both side, can have possibility of mostly using one port if the hash algorithm result the same hash. This possibility can be higher if the combination of MACs, IPs and/or TCP/UDP ports (regarding to hash algorithm you use) is too small. For example, if the traffic is only about 2 servers connection with same TCP session (SCP transfer, etc.), the traffic will always use the same port. So, you should inspect your traffic first. L3+L4 hash algorithm can take advantage if the traffic is related to multiple IPs and multiple TCP/UDP ports due to the better hash result combination than L2 hash algorithm. For example is on connecting hypervisor server on virtualization where each node has multiple VMs with their own IPs and each VM has combined services related to their own TCP/UDP ports.
Best regards,