Which position for VCC switch on Grove shield for Pi Pico?

I just got a Grove shield for the Pi Pico, and noticed it has a switch labeled VCC that can be in either a 5V position or 3.3V position. The Pico is a 3.3V device, so does that mean the switch should be set for 3.3V? I’ll be using Grove compatible sensors, e.g., ultrasonic and 4-digit display which indicate they can operate at 3.3 or 5V