If the module has onboard level shifters for 3V3 then 3V3 out otherwise 5V out.
A ESP32 developer module Vreg is rated at 250mA and is to supply the current for the entire ESP32 with every function of the ESP32 enabled.
Are you enabling every ESP32 API function to use 250mA?
The ESP32's GPIO is 3V3, internally the ESP32 runs on 1.8V.
How much current does the TCSthingy module require?