Looking at session variables I found a work around for this. Navigate to system session variables, right click and create a 'New LOGLEVEL'. You can give default value of 2, or any other which will get applied to all users.

Next, create a session Initialization block loglevel and select any database as datasource. In the query, you can specify following:
select case when (':USER') = 'user1' then to_number('5',0) else to_number('2',0) end from dual
Select target variable as LOGLEVEL. Doing this will make log level of 5 for user1 but it will remain as 2 for all others.
Also, although valid log level value is upto 7, actual value in current version is only upto 5. Values 6 and 7 is reserved for future use.