same taxonomy for several post types: how to hide empty in a specific post type?

I have a taxonomy “artist” for two different custom post types (“project” and “product”).

I need to display a list of “artists”, but only if they have related “products”, and only if those products are still in stock.

$artists = get_terms( array(
   'taxonomy' => 'artist',
   'hide_empty' => 1,
) );

This includes artists having “projects” but no “products”. Is it possible to specify for which post type the “hide_empty” argument should refer to ?

EDIT
Here is what I have so far.

        /*
        Useful when one taxonomy applies to multiple post types
        source: http://wordpress.stackexchange.com/a/24074/82
    */
    function get_terms_by_post_type( $taxonomies, $post_types ) {

        global $wpdb;

        $query = $wpdb->prepare(
            "SELECT t.*, COUNT(*) from $wpdb->terms AS t
            INNER JOIN $wpdb->term_taxonomy AS tt ON t.term_id = tt.term_id
            INNER JOIN $wpdb->term_relationships AS r ON r.term_taxonomy_id = tt.term_taxonomy_id
            INNER JOIN $wpdb->posts AS p ON p.ID = r.object_id
            WHERE p.post_type IN('%s') AND tt.taxonomy IN('%s')
            GROUP BY t.term_id",
            join( "', '", $post_types ),
            join( "', '", $taxonomies )
        );

        $results = $wpdb->get_results( $query );
        return $results;
       }

$artists = get_terms_by_post_type( array('artist'), array('product'));

//*
if( !empty($artists) && !is_wp_error( $artists )  ){

    // filter out out-of-stock products artists
    foreach($artists as $k=>$artist){
        $args = array(
            'post_type'     => 'product',
            'post_status'   => 'publish',
            'posts_per_page' => -1,
            'tax_query' => array(
                'relation' => 'AND',
                array(
                    'taxonomy' => 'artist',
                    'field' => 'id',
                    'terms' => array( $artist->term_id )
                ),
                array(
                    'key' => '_stock_status',
                    'value' => 'instock'
                )
            )
        );
        $query = new WP_Query($args);
        echo $artist->slug;
        pr($query->post_count);

        if($query->post_count<1){
            unset($artists[$k]);
        }
    }
}

It almost works, but it does not remove products out of stock.

Another solution to the same problem that is a bit shorter and less complex:

function get_terms_by_posttype($taxonomy, $postType) {
    // Get all terms that have posts
    $terms = get_terms($taxonomy, [
        'hide_empty' => true,
    ]);

    // Remove terms that don't have any posts in the current post type
    $terms = array_filter($terms, function ($term) use ($postType, $taxonomy) {
        $posts = get_posts([
            'fields' => 'ids',
            'numberposts' => 1,
            'post_type' => $postType,
            'tax_query' => [[
                'taxonomy' => $taxonomy,
                'terms' => $term,
            ]],
        ]);

        return (count($posts) > 0);
    });

    // Return whatever we have left
    return $terms;
}