Well, you are almost correct so far. But the trick is in the transitions.
Cross-product construction, as you suggest, means that you intend to mimic both
NFAs. But in this case you do not mimic them exactly in the same way.
The part corresponding to the automaton $M_1$ for $L_1$ is mimicked
for acceptance of the input string, while the part corresponding to
the automaton $M_2$ for $L_2$ ignores the input and mimicks
non-deterministically acceptance of some arbitrarily chosen input
(ignoring the real input).
Furthermore, the states are not just $(q_{L_1},q_{L_2})$, but there is
a third component, which is true or false, so that states are of the
form $(q_{L_1},q_{L_2}, eq)$, where $eq$ can be $true$ or $false$.
This third component is true when you have mimicked scanning the same
number of $1$'s for $M_1$ and for $M_2$.
But remember that the first is scanning the input string, while the
second is scanning a non-existent randomly chosen string.
The last point is that you mimick both NFA asynchronously. Either you
mimick the first or you mimick the second. Never both at the same
time.
So you start mimicking the first on the true input until you scan a 1.
Then you start mimicking the second on its non-deterministically
chosen input until you scan a 1. Then you resume with the first until
you scan a 1. Then you resume the second until ... etc. And you are
careful that the $eq$ component of the state triple is $true$ only when
both computations have seen the same number of $1$'s. You stop also
when computations reach the end of their input (except for empty
transitions), whether real input or made-up input.
Accepting states are triple of the form $(q_{a1},q_{a2}, true)$ where $q_{a1}$
and $q_{a2}$ are accepting states of the two initial automata.
Good luck