The potential issue with this approach is what happens if the 3.3v rail comes up after the 5v rail, which may be true if 3.3v is derived from 5v. Then you'll have a 1.4A spike on 5v rail on start up...Okay.
How about this circuit (LTspice simulation below) which uses only 2 resistors and one NPN transistor besides the MOSFET:
It biases the NPN ON when the input is Hi-Z (S1, which simulates the micro Hi-Z output, is open, green trace) so that the MOSFET is off (yellow trace) for that condition.
A low on the input (S1 closed) then turns off Q1 which turns on the MOSFET with a full 5V on the gate.
Will that work for you?
View attachment 243674