Verified answer

I do not think that it would hide your activity. If Parental Controls are in place--the Program will track the locations the computer is being directed to and likely Block any Site that has been Blacklisted. The Privacy Tab in Opera simply does not record where it was directed but if another program such as Net Nanny and/or Parental Control is tracking where the Browser is sent/going it should stop it from working.

I doubt that such a big "Loop Hole" would not have been addressed by the developers of the code running Parental Control but all of this is "Supposition". In other words an educated guess. I could be wrong.

Good Luck with your experiment.