Why not? The HD44780 works perfectly with 3.3 V as it does in the 3.3 V version.
The contrast system requires (slightly) more than 4.5 V; the 3.3 V version of the module includes an ICL7660 charge pump purely to drive the contrast logic, not the HD44780.
So you drive a display with 3.3 V logic but power it with 5.