No, unfortunately in a Many To Many Relationship you need a View to display or check it's related posts as there might be many related posts.
So, if you are on Post A of Post Type A and that post is related to Post Type B (many posts), this is like checking on a parent post if it has any child posts, something that is and was not possible in Toolset.
In this case, custom code is required, or you can try to play with Views and the wpv-items-found shortcode.
Let's say, you produce a view, and make sure to output raw values (check the box "Disable the wrapping DIV around the View" under the loop editor), and put within the View loop (inside the wpv-loop) the wpv-found-count or even just the number "1".
Then, limit this view to return only ONE result and query the post type related to the post you want to check if it has related posts.
Set as well a query that says "show posts related to the post where this view is inserted to"
Now, in a wpv-conditional, you should actually be able to check if that View's result is 1, or any else.
If it is any else, there are no related posts to the current post.
If the result is 1, there is at least one related post.
Please let me know if it is clear what I mean, here are the steps:
1. Create a post-relationship (m2m - many to many)
2. Connect many posts to many posts
3. Create a View to query the one end of the posts (let's say post type A)
4. Set a Query filter that "Select posts in a {your-relationship} relationship that are related to the Post where this View is shown."
5. Limit the View to one output only.
6. Insert [wpv-found-count] or better, just the number "1" in the Loop Editor and check "Disable the wrapping DIV around the View"
7. Now check (in a related single post) if the View returns 1 or anything else:
[wpv-conditional if="( '[wpv-view name="another-cview"]' eq '1' )"]yes has posts[/wpv-conditional]
But, note, I have issues with step #7 above, which I would like confirmed by you first.
What is expected is that condition either shows "yes has posts" if there is a connected post and obviously, nothing if there is no connected post.
Now, the View itself does work, if you output it, you will see "1" if there is a connected post.
But, if you analyse the HTML code you will see there is a lot of space around that 1, and that breaks the condition.
Is this the case as well on your install?
I will then escalate this with some urgency as it would be a bug.
If not, then it is just my install that is somehow corrupt (I tried a fresh install, but it's still the same 🙁 )
Please let me know if the solution works for you or not.