In the timeline they appear to be in
Jon Cryer was Lex Luthor so I think this Luthor is from one of timelines that was destroyed during the Crisis on Infinite Earths.
It is a pity that L&C did not have the technology for special effects that this show has. Imagine how cool the Nightfall asteroid episode would have been!
L&C had much better effects then those in the 1953 Adventures of Superman season 2 episode 12 Panic in the Sky.
