Ok found a solution in this forum thread: How can I get sheet content by javascript? - #4 by MisakaCirno
TL;DR: Action sheets are actually multi instruments so instead of eventSheets[ i ].modules it had to be eventSheets[ i ].modules.sounds for action sheets.
Function ended up looking like this:
function HasVariations( event )
{
	var eventSheets = event.parameters;
	eventSheets.push( event.timeline );
	
	for( var i = 0; i < eventSheets.length; i++ )
	{
		var instruments = [];
		
		if( eventSheets[ i ].isOfExactType('ActionSheet'))
		{
			instruments = eventSheets[ i ].modules.sounds;
		}
		else
		{
			instruments = eventSheets[ i ].modules;
		}
		
		for( var j = 0; j < instruments.length; j++ )
		{
			if (instruments[ j ].entity == "MultiSound" )
			{
				return true;
			}
		}
	}	
	return false;
}