The question focuses on the inert pair effect, which explains the reluctance of $ns^{2}$ electrons in the valence shell to participate in bonding, particularly in heavier p-block elements like lead (Pb) and tin (Sn). Let's break down the options to understand the correct answer:
Given this understanding, let's evaluate the provided options:
Therefore, the correct answer is: $Sn^{2+}$ is reducing while $Pb^{4+}$ is oxidizing.