If you put 5V on the RAW pin the entire board runs on the regulated voltage. The ATMega328 is running at 3.3V, so all its I/Os (including TX/RX) run at 3.3V. The only place you will see 5V is on the RAW pin.
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If you put 5V on the RAW pin the entire board runs on the regulated voltage. The ATMega328 is running at 3.3V, so all its I/Os (including TX/RX) run at 3.3V. The only place you will see 5V is on the RAW pin.