Its not that simple. Although the board provides a voltage regulator so you can supply it with 5 volts, the SCL and SDA pins are connected directly. You can probably get away with driving those at 5 volts, but I wouldn’t depend on it. I would never do it in something that flies, for instance.
So, to summarize, it might work on its own, or you might get weird results. You’re definitely driving the chip outside the parameters specified in the data sheet if you drive SCL and SDA with 5 volts.