jaron: @raschemmel post #1. The circuit is part of an IOT application where the power consumption is crucial. After some research I came to the above solution to switch all unused components off while the Atmega328P is in deep sleep (1 + 2). The LED was meant as an example of a consumer, in reality this would be at least an HC-12 433 MHz HF module and one or more sensors which together will probably use 1 A max (3).
WhooHoo! 1 Amp (max 3)! Much different than the 6, or so, mA implied by your LED and 220Ω resistor!!
OK, that means a more hefty MOSFET, and possible concerns regarding switching time. Though a NDP6020P is plenty hefty -- in fact, might be overkill. Like, we might be waltzing into the concerns about that Gate Capacitance, I mentioned before. And, low power consumption concerns to boot! OK, a little more complicated of a design, perhaps [or, still simple -- depends on the need for speed]. Also, just checking...what's with the P-Channel MOSFET, anyway? Why did you feel that was necessary? I mean, couldn't we just use an N-channel MOSFET and dispense with the PN2222?