Do Parcelable objects retain their references after state restoration

Question

So I'm wondering if the Parcelables passed through from an activity to the fragment and then re-created will have the same reference after the activity/fragment being re-created?

Consider I have this activity:

public class MainActivity extends Activity {

    ArrayList<Item> items = new ArrayList<>();

    @Override
    protected void onCreate(Bundle savedInstanceState) {
        super.onCreate(savedInstanceState);

        MyFragment fragment = new MyFragment();

        if (savedInstanceState == null) {
            items.add(new Item(1));
            items.add(new Item(2));
            items.add(new Item(3));

            Bundle args = new Bundle();
            args.putParcelableArrayList("fragment_arg_items", items);
            fragment.setArguments(args);
        } else {
            items = savedInstanceState.getParcelableArrayList("activity_state_items");
        }

        getFragmentManager().beginTransaction().add(fragment, "fragment").commit();
    }

    @Override
    protected void onSaveInstanceState(@NonNull Bundle outState) {
        super.onSaveInstanceState(outState);
        outState.putParcelableArrayList("activity_state_items", items);
    }

}

And this fragment:

public class MyFragment extends Fragment {

    Item item;

    @Override
    public void onCreate(Bundle savedInstanceState) {
        super.onCreate(savedInstanceState);
        // Newly created
        Bundle args = getArguments();
        if (args != null) {
            ArrayList<Item> items = args.getParcelableArrayList("fragment_arg_items");
            item = items.get(1);
        }

        // Restored
        if (savedInstanceState != null) {
            item = savedInstanceState.getParcelable("item");
        }
    }

    @Override
    public void onSaveInstanceState(Bundle outState) {
        super.onSaveInstanceState(outState);
        outState.putParcelable("item", item);
    }

}

Item is just a class that's parcelable and its constructor takes an int argument.

My question is: will the activity and the fragment have the same references of the item once both of them are re-created? Does that also include activity's destruction when system is low on memory?