L2 cache is more important, it is closer to the processor and used more than l3 cache, in fact most processors don;t have l3 cache, just a big l2 cache
smaller l2 cache means less data stored in the flash memory and then the processor has to go to the l3 cache to find it which is farther away and thus slows down performance.
large l2 cache means more info in fast memory(flash memory) and it is closer, so the processor has to go a less distance, and therefore gets better performance