A big difficulty here is that even a "classical" Cox analysis with all predictor values specified at time = 0
makes a very specific assumption about the association between predictor variables and outcome. It assumes that the only thing that matters is the current values of the predictor variables at each event time.
To fit the model, at each event time the values of the predictor variables of the case having the event are compared against those of all the cases at risk. There is nothing included about the past history of a predictor variable, unless that past history is somehow incorporated into a new predictor variable. If a predictor's value should change from its initial value during the course of the study, then the model will use an incorrect value for it in calculations at all subsequent event times.
To answer your question most directly: insofar as those assumptions of the Cox model are met, then an interpretation of a hazard ratio with respect to current predictor values is valid.
The problem is that situations with time-varying covariates and data sets like yours often don't meet those assumptions.
When time-varying covariates are included in a model, difficulties are compounded. The fact that you have a predictor value available at some time means that you already know that the individual is alive at that time. In your case, I suspect that there were deaths, not just relapses, before 10 months.
In your data, if there is were any larges changes in the activity index between 5 and 10 months, then it's likely that the value was different from the value at 5 months for a good deal of the intervening time. Thus all calculations based on events during that time period between 5 and 10 months could be erroneous, not just those for the cases with incorrect index values. Similarly, if the activity index is changing over time, it's likely that many calculations based on events after 10 months are also in error if they use the values at 10 months. There are ways to do joint modeling of covariate values along with survival outcomes, but I don't how well they would work with only 2 time points for your index.
There's also a problem with the direction of causality. If someone at 5 months was feeling ill due to an impending but not yet clinically detectable relapse, such an individual would probably score low on the physical activity score. In that situation, the association of a low physical activity score with faster relapse might be due to the clinical biology leading to the relapse, rather than the other way around.
Thus it will be difficult to give a reliable interpretation of the model results. It would have to very carefully stated, something like "the hazard associated with the most recently observed activity index was..." Even that type of statement would not deal with potential miscalculations due to changes in the index during intermediate times, or the problem of the direction of causality.