I've experienced so many problems with multiple activity layout that I strongly discourage it, unless there's good reason to pick it.
Disadvantage of multiple activities
Using multiple activities it is much hard to refactor code to return data from activity.
If you call a 'sub'-activity then the main activity may be killed. But you never experience that while debugging on a decent device, hence you need to handle always saving state and correctly recovering state. That is a pain. Imagine calling a method on a library (ie. another activity), and you would have to be ensure that when that method returns your app must be able to recreate its state completely with all fields on all objects in the VM (ie. activity.restoreIntance). Its insane.
Also the other way round, when you open a subactivity the VM might have been killed since the subactivity was first spawned, such as when app is minimized while subactivity is displayed.
Its so much cleaner to just have one place to store the relevant app-state, and in my case, most often if VM is killed, I want to return user to main-screen, and let them do their stuff again, because I don't spend 30-50 hours coding save/resume functionality that 0.1% of users will ever experience.
Alternative
Fragments or just manage you activity views yourself. Managing views manually, requires coding some view-switching alternative to activities/fragments with transitions if desired.
And no it does not mean one mega-activity, as suggested in the accepted answer, in any other way than its one mega-app. It just requires a bit more design of the codebase into fitting pieces, because there's slightly more work managing views, though much less work managing activity-state and other weirdness.
Possibly relevant: Reddit: It's official : Google officially recommends single activity app architecture