Logic Level Conventer for UART 5V / 3.3V with high transmission speed (115200)
According to a quick simulation, the answer is yes. Note that I have not added any parasitics, but the outputs look ok.

There is an error in your schematic incidentally; the gate of the MOSFET needs to be pulled directly to 3.3V


Driving from the 3.3V side, 5V side output:


3.3V output when driven from the 5V side has some overshoot (but nothing serious):


Timings set for 115200 bit times. The overshoot on the 3.3V side is due to the body diode of the MOSFET which is involved in down shifting but not in up shifting.