We answer OP's question in the negative.
These results are for OP's problem
with the monotonicity requirements on $f$
(added in OP's edit after @Tassle's answer, invalidating that answer).
Lemma 1. This problem:
has worst-case query complexity (deterministic and Las-Vegas randomized) $n 2^{n-1}$,
has an $O(n 2^n)$-time deterministic algorithm, and
is strongly NP-hard.
[Edit: strong NP-hardness depends on the encoding.
See remarks at the end.]
Proof.
Lower bound on query complexity
Fix $n$ and let $I'$ be the instance of OP's problem defined by
$$f(L, i) = L + 2^{i-1}.$$
For this instance, every permutation has the same cost,
namely $\sum_{i=1}^{n} 2^{i-1} = 2^n-1$.
Let $B_b(q)$ denote the $b$th bit in the binary representation
of $q\in \mathbb N$.
Let
$$X = \{(q, b) \in \mathbb N \times [n] : q \le 2^n-1
\textsf{ and } B_b(q) = 0\}.$$
For any $(q, b)\in X$,
let $I(q,b)$ denote the instance of OP's problem
defined by $$f(L, i) = \begin{cases}
L + 2^{i-1} - 1& ~(L, i) = (q, b) \\
L + 2^{i-1} &~\textit{otherwise}.
\end{cases}$$
Note that there is a permutation with cost
$-1 + \sum_{i=1}^n 2^{i-1} = 2^n-2$,
namely, take first the indices that are 1 in the binary representation of $q$,
then take index $b$,
then take the remaining indices.
Fix any algorithm (deterministic or randomized)
that is guaranteed to give a correct answer.
Simulate the algorithm on the first instance $I'$ above.
If, for some $(q, b)\in X$,
the algorithm doesn't query $f(q, b)$,
then it can't distinguish between $I'$ and $I(q, b)$,
so must give the wrong answer
on one of those two instances
(with positive probability).
This cannot be, as the algorithm is guaranteed to give a correct answer.
Hence, the algorithm must make at least $|X|$ queries.
To calculate $|X|$,
associate with each $q$
the set $S(q)\subseteq [n]$ of indices of zero-bits in $q$,
so $(q, b) \in X$ iff $b\in S(q)$.
Then $|X| = \sum_{q=0}^{2^{n-1}} |S(q)|
= \sum_{S\subseteq [n]} |S| = n 2^{n-1}$.
Upper bound on query complexity and run time
Consider the following dynamic-programming algorithm.
For every subset $S\subseteq [n]$, define
$M(S)$ to be the minimum cost of any permutation of the indices in $S$.
The following recurrence holds:
$$M(S) = \begin{cases}
0 & ~(S=\emptyset) \\
\min_{i\in S} f\big(M(S\setminus\{i\}), i\big) & ~(S\ne \emptyset).
\end{cases}$$
The recurrence holds because of the second monotonicity requirement,
that is, $L \mapsto f(L, i)$ is non-decreasing for any fixed $i$.
(Because of this property,
in any minimum cost permutation $(\pi_1, \pi_2, \ldots, \pi_n)$ of $[n]$,
any prefix $(\pi_1, \pi_2, \ldots, \pi_k)$
can be replaced by the reordering of the prefix
that gives minimum cost $M(\{\pi_1, \pi_2, \ldots, \pi_k\})$,
without increasing the cost of $\pi$.)
The query complexity is $\sum_{S\subseteq [n]} |S| = n 2^{n-1}$.
The running time is proportional to this.
Strong (?) NP-hardness
The proof, by reduction from Product Partition, is similar in spirit to @Tassle's. Given an instance $W=(w_1, w_2, \ldots, w_m)\in\mathbb N^m$ of Product Partition, let $T(W)=\sqrt{\prod_{i=1}^m w_i} \in\mathbb N$. Given $W$, the reduction constructs the instance of OP's problem, with $n=m+1$, defined by
$$f(L, i) = \begin{cases}
L \times w_i & ~(i \le m) \\
L & ~(i = m+1 \textsf{ and } L = T(W) \\
L + 1 & ~(i = m+1 \textsf{ and } L \ne T(W).
\end{cases}$$
Suppose there is $S\subseteq [m]$ with $\prod_{i\in S} w_i = T(W)$.
Then there is a solution to this instance of OP's problem
that has cost $T(W)^2$.
(Take any permutation of $S$, followed by $i=m+1$, followed by any permutation of $\overline S$.)
Conversely, given any permutation that achieves cost $T(W)^2$,
it must be that index $m+1$ contributes nothing additional
to the cost, that is, the cost $L$ just before index $m+1$
must satisfy $f(L, m+1) = L$. The only cost that does this is $L=T(W)$.
So it must be that the product of the weights of the indices
taken before $m+1$ is $T(W)$.
[EDIT 2: As discussed in the comments, this proof assumed $L$ is initialized to 1, but the problem specifies that $L$ is initialized to 0. To patch this, add artificial index $m+2$
with $f(0, m+2) = 1$ and $f(L, m+2) = L + T(W)^2$ for $L>0$.]
$~~~\Box$
[EDIT 1: Whether this reduction shows strong NP-hardness depends on how $f$, and the target value (in decision-problem form), are encoded. Note that the value of $T(W)$ is not polynomial even when the values of the $w_i$'s are, so the standard unary encodings of $T(W)$ (in $f$) and $T(W)^2$ (in the target value) would be exponentially large. One can work around this by encoding $f$ and $T(W)^2$ differently, namely, replacing the condition $L=T(W)$ by $\prod_{i: B_i(L)=0} w_i = \prod_{i: B_i(L)=1} w_i$, and encoding $T(W)^2$ implicitly by giving the $w_i$'s in unary.
In short, when defining "strongly" NP-complete for OP's problem, it's not clear how the encoding of $f$ (which is not a number) should be considered, but, it seems that there is at least a restriction of OP's problem that, with suitable encoding, is strongly NP-complete. See here
for related discussion.]