"What you query on most often" is not necessarily the best reason to choose an index for clustering. What matters most is what you query on to obtain multiple rows. Clustering is the strategy appropriate for making it efficient to obtain multiple rows in the fewest number of disk reads.
The best example is sales history for a customer.
Say you have two indexes on the Sales table, one on Customer (and maybe date, but the point applies either way). If you query the table most often on CustomerID, then you'll want all the customer's Sales records together to give you one or two disk reads for all the records.
The primary key, OTOH, might be a surrogate key, or SalesId, - but a unique value in any case. If this were clustered, it would be of no benefit compared to a normal unique index.
EDIT: Let's take this particular table for discussion - it will reveal yet more subtleties.
The "natural" primary key is in all likelihood parentid + childid. But in what sequence? Parentid + childid is no more unique than childid + parentid. For clustering purposes, which ordering is more appropriate? One would assume it must be parentid + childid, since we will want to ask: "For a given item, what are its constituents"? But is not that unlikely to want to go the other way, and ask "For a given constuent, of what items is it a component?".
Add in the consideration of "covering indexes", which contain, within the index, all the information needed to satisfy the query. If that's true, then you never need to read the rest of the record; so clustering is of no benefit; just reading the index is sufficient. (BTW, that means two indexes on the same pair of fields, in opposite order; which may be the proper thing to do in cases like this. Or at least a composite index on one, and a single-field index on the other.)
But that still doesn't dictate which should be clustered; which would finally probably be determined by which queries will, in fact, need to grab the record for the Quantity field.
Even for such a clear example, in principle it's best to leave decidintg about other indexes until you can test them with realistic data (obviously before production); but asking here for speculation is pointless. Testing always will give you the proper answer.
Forget worrying about slowing down inserts until you have a problem (which in most cases will never happen), and can test to make sure giving up useful indexes for a measurable benefit.
Things still aren't certain, though, because junction tables like this one are also frequently involved in lots of other types of queries. So I'd just pick one and test as needed as the application gels, and data volume for testing becomes available.
BTW, I'd expect it to end up with a PK on parentid + childid; a non-unique index on childid; and the first clustered. If you prefer a surrogate PK, then you'll still want a unique index on parentid + childid, clustered. Clustering the surrogate key is very unlikely to be optimal.