Victoria,
Yes, emails can be both delivered and bounce. And yes, that activity log will provide details of the bounce, so in this case, the email did bounce because of hitting a spam filter. You can find details of the bounce in each person's "email invalid cause" or "email suspended cause" fields.
@Steven Vanderberg explains here: This would be an out-of-band or asynchronous bounce. The recipient server accepts the message and returns a 250 OK delivered response. Then it does some evaluation on the message, decides it's undeliverable for whichever reason (like maybe the user doesn't exist on that domain or it thinks the message is spam), and sends back an additional soft/hard bounce message. The lead's activity log records every delivery/bounce response it receives from the recipient server in connection to the mailing. Ultimately it depends on how the recipient email server's configuration on if this will happen with an email or not."
More info: Under what circumstances can an email be delivered and bounced?