Custom views are much more work than just using fragments in place of your activities. if you decide to use Activities and custom Views, you have to create your custom view, and then you have to implement the same activity lifecycle methods in your activity (a very similar lifecycle is used for fragments).
Using Fragments also allows you to separate components into their own classes (Fragments), rather than having too much logic in a single Activity. Let me ground that with an example:
Say you're implementing a magazine reader application. using fragments, you could create a fragment: ArticleList, which displays a list of articles, and another fragment: ArticleDisplay, which handles the logic for displaying content. you can then specify how these fragments should interact using the fragments tools, so that on a handset, you can use the full screen real-estate for ArticleDisplay, while on a tablet, you can display the fragments side by side.
If you were to attempt this with an Activity/custom view, you'd have the logic for both Fragments in your monolithic Activity, you'd have to write a custom view, and you'd have to debug this unwieldy monster.
Fragments are, in general, a more sophisticated and powerful way to write your applications. They can do everything an Activity can do, and more. If you don't need the extra functionality, the defaults will probably get you where you need to go, and with less work.