It's the latter. The transformation is not supposed to differentiate the transformed entity based on activity type, it should always produce the same entity (basically, all the information you need). The activityId is only provided so that different versions of the data of an entity with the same id are not mixed into different activities. That would result in very inconsistent views based on which page you were on and what activities were on that page.

The producers and routers have the capability of discriminating based on activityType, entityType, etc... This is because (at least in the case of routing), it can react differently in those contexts (if it's sharing, only route to managers, etc...).