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Is there any way to get the sublist level changes in client script? Does fieldChanged trigger capture those changes?

Yes, you can use Client script and Field Changed

function fieldChanged(context) {
            var currentRecord = context.currentRecord;
            var sublistName = context.sublistId;
            var sublistFieldName = context.fieldId;
            var line = context.line;
            if (sublistName === ‘item’ &amp;&amp; sublistFieldName === ‘item’)
                currentRecord.setValue({
                    fieldId: ‘memo’,
                    value: ‘Item: ’ + currentRecord.getCurrentSublistValue({
                        sublistId: ‘item’,
                        fieldId: ‘item’
                    }) + ' is selected’
                });

Thank you Kevin! In the meantime, I learned a little more from SuiteAnswers also.