Sharing my findings to an automation to update child issues component solely because nothing specific came up on my search. This was created at back of different discussions and meshing them together.
Note that automation is functioning based on what I have created.
Also to note this automation only applies if you are choosing to update a specific component:
- When: Issue Created
- IF matches using {{smart.values}} on 2 conditions
- Then Edit components based on parent issue.
Rules

IF condition:

Then action: Edit issue fields
