Sure, the schottky diodes do what you ask (see below) - protect the 3.3V MCU from damage. Two of them will clamp excess voltage by drawing current and dumping it to the 3.3V supply node. The other two diodes are rather useless, unless you expect negative voltages. Unless you are aware, most MCUs and chips already have internal clamping diodes so they already withstand some abuse which involves a pull-up to 5V. Some chips allow 5V on some pins even if IO supply is 3.3V, but the ESPs are generally not 5V tolerant.
But it does only what you ask - you did not say if the 3.3V MCU needs to actually work with a device that uses a 5V bus.
The problem is, a 5V device is not requires to work on a 3.3V bus.
It is a difficult scenario to have a bus where anyone can attach their own devices when you already have defined the pull-up resistance and voltage.
Each thing added to your bus may have their own set of pull-up resistances and they may pull to any voltage of their liking. If the total amount of resistance is too strong, some weaker chips may not be able to communicate.
What you might want to do here is to have two separate buses or at least one bus with two segments where the segments are combined via level shifters, isolators, muxes or anything that will allow the MCU to communicate with both onboard 3.3V chips and any external devices with any pull-up value and voltage withing reasonable range. How to do that is another question, fortunately already asked and answered so you can look for existing questions on the subject here.
