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Is this in context of a Kubernetes resource?

No specific context, looking for a generic custom means of resolving Resource create/update status based on -for example- a Resource Status property.

Some Resource types now return success, which is true as in the Resource is successfully created. But after that a Resource sometimes needs to do extra activation tasks (handled by a Cloud provider internally). If there is a way to poll a status flag using a Resource Output value untill it reaches a required state, before returning the overall Success state, that's what I'm looking for.

You might want to check out Dynamic Providers: <https://www.pulumi.com/blog/dynamic-providers/>

Also see <https://github.com/pulumi/pulumi/issues/1691#issuecomment-573823609>