Yes, they are not associated with eachother at all. You will get an activity for:

1. Swimming 2. Transition #1 (Swim to Bike) 3. Cycling 4. Transition #2 (Bike to Run) 5. Run

They are completely disconnected. Not linked, or "related" to eachother in anyway. It just shows that you went for a swim, a run, a cycle, a run, and another run. (Transitions show up as runs). Worse yet, it has a hard time linking you together with other people because they are separate events. So you might have raced with someone else but you were starting a bike while they were finishing a swim, so Strava's algorithm gets confused and can't link you together like it does when you run marathons together and stuff like that.

I suspect GP had the same confusion I did, that your triathlon was five components, not that they were separately. But you have answered that, the transitions between activities counted too.