Yes, with a 6K8 pulldown on the SENSE input to keep the max. signal just under 5V, that looks reasonable. The only flies in the ointment are that the switched power isn't debounced so is likely to glitch during power up, and the switch has to handle the entire load current till the MCU turns the MOSFET on. An Arduino has enough onboard decoupling to ride through the power glitches, and if it doesn't have other significant loads on Vin or +5V is unlikely to draw enough current to be problematic for most small button switches, but it may not work so well for other applications.