Just a link that says it all..

https://nathan.chantrell.net/20120610/raspberry-pi-and-i2c-devices-of-different-voltage/

You can connect 5V slave devices via I2C, although it will work, it’s out of spec.

Great trick to level shift using 2 resistors and two MOSFETS

Thanks to Nathan Chantrell for the confirmation that it will work.