PWM outputs aren't analog; they are digital, switched with a certain duty cycle.
The idea that they are analog probably stems from the unfortunately named analogWrite()
function as implemented on Arduinos, that sets a duty cycle on a PWM pin.
It is a misnomer; an 80% PWM signal on a 5 V MCU is 5 V for 80% of the time, and 0 V for 20% of the time; it is not 4 V, it is only 4 V on average.
Loads that have a maximum supply voltage of, say, 4 V shouldn't, in general, be driven with a 5 V signal, PWM or not.
Also, a PWM signal from an MCU can only source a very small current (5 mA to 20 mA for MCUs used on Arduinos), and can't be used to power loads larger than, say, a small LED.
It can be used for PWM-switching an external power source for a larger load, though, if that load can work with PWM and the voltage stays within its specifications, as above.