I don’t have the schematic for the adapter board but if that is the case then the 5V label is rather misleading. If the jumper selects between 5V and 3V3 for the PWR_IO pin then yes, changing the jumper would the correct solution, and use a value of Ohm for R5.
Edit: Found the schematic for the Teensy adapter and that makes a little more sense. The 5V label on the sensor board should probably be renamed. changing that jumper would indeed be the way to go.