Time complexity dependent on magnitude of input
Your result of seems correct, assuming none of the omitted operations modify the values of the variables n, L or x.

For a fixed value $k$ of n, the inner loop (for x in range(n):) loops over the set (or list; it is irrelevant for the analysis) $\{ 0, \dots, k - 1\}$, which contains $k$ elements. The outer loop (for n in L:) simply loops over each element of $L$ for a total of $|L|$ iterations, $|L|$ being the length of $L$. Thus, assuming the omitted operations are executed in $O(1)$ time, we obtain a time complexity of $O(m|L|)$ (as you propounded), where $m$ is the maximum value in $L$.

Incidentally, if you know the average value for the elements of $L$ you could also use the above reasoning to derive the average time complexity as well. (Just plug in the average value for $k$.)



As pointed out by @Raphael in the comments, of course, there is plenty of room for improvements if more assumptions are made about the contents of $L$.