I use lipos like that alla time. In the vape, those are called upon for some fairly stiff current. Running a little Arduino board and a few LEDs and stuff will hardly make that cell sweat.
I don't see a C rating on the package, but it should be at least high enough so you could draw a few amps from it on a continuous basis.
Of course it will only power your circuit for so long. if you are conservative, figure out how long using 1/2 to 2/3 the nominal mAh.
I like to use two cells and a buck regulator for 5 volt stuff.
One cell and either a buck regulator or a traditional linear regulator both work well for 3.3 volts.
If you need to go very closer to an exhausted cell, which I do not recommend, you can use a boost-buck regulator for 3.3 volts.
a7