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Contact - A contact is assigned to another account. What happens to the data associated with Contact, such as activities, Opportunities etc.
I think following link will answer your question.
Were the activities associated to account or contact?
for e.g. if the phone call regarding was account and call to was contact, it will show in both account and contact.
You might have to elaborate your question a bit more and please include scenarios.
If my understanding is correct you are updating the company name (parentcustomerid) for the contact and not the owner of the contact. Relationship behavior works only when you are changing the owner , which means assigning someone (User or team) . So nothing will happen for contact activities and opportunities unless you wrote or implemented any custom logic.
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