Using the 5V Pin for power and powering a 7 segment display at the same time?

Hello everyone,

I am currently using a 3.7v lithium ion battery connected to a Adafruit Power Booster 500C to power my Arduino project. I also want to power the adafruit 7 segment display which needs 5V. The image attach shows the schematic for the project however considering I am not great with general electronics I cant stop thinking that there be a reason that that this might not work. Have I connected this correctly or is there another way (maybe connect the 5V display to a digital Pin ad turn it on to high?)

Digital Schematic Layout.png|1813x1075

You can safely power multiple devices from one power source as long as the current drawn is not too much for the voltage booster.


Thanks for the reply!