If the external project is in the same repository, any changes you make there will be included in the commit list when you commit your main project.
If the external project is in a different repository, any changes you make to the external project will be shown or indicated when you commit the main project, but you have to commit those external changes separately.
Whether or not the log shows a change in the externals depends on whether or not the commit included changes in the main dir as well. That's not consistent.
I would expect that the log always shows all changes made to the given WC tree.