The MOSFET as you have shown it is upside down. You need its source S at the top, connected to the positive supply.
When switching high-side with any P-channel transistor, to switch off the load (flux gate IC), the potential at the transistor's gate must be very close to its source, +5V in this case. To switch on, using the MOSFET you propose, the gate will need to be significantly lower than \$V_S - V_{GS(TH)} = 5-1 =4V\$, say, 3.5V at most. In other words you require gate potentials significantly above or below +4V.
A 74HC logic device powered from +3.3V is not capable of providing that (its output will be 0V or +3.3V), so some kind of translation from 0/+3.3V to <+3V/+5V is necessary.
You have a few options. In all circuits below, M1 is your WTM2301 MOSFET, and G1 is one of the 74LVC2G04 inverters:
simulate this circuit – Schematic created using CircuitLab
Above, we shift the output of the inverter upwards by using diodes to develop some offset voltage, 2V (A) or 3V (B). This provides M1's gate with potentials of 3.0V and 4.8V (A), or 2.0V and 5.0V (B).
I include option A only for completeness; I don't recommend it, since all other solutions I present here will provide a full 5V "high" signal.
More "clean" solutions, getting M1's gate as far as it's possible to get from +4V given a +5V supply, require an active approach:
simulate this circuit
In option C, M2 is low-side, and can be switched directly from G1's output. For 0V and +3.3V inputs, M2's drain goes between +5V and 0V, perfect to drive M1's gate most effectively, but the signal is inverted.
Option D is a design popular with "bidirectional level shifter" modules like those from ADAFruit, but it has the advantage over option C that it does not invert. It also uses the least components, which is nice.
Driving a MOSFET gate requires a lot of initial current to charge and discharge gate capacitance. You'll notice that in all these designs R1 is present to reduce this load on G1's output.
Update
If you wish to use the TXU0104 in the manner you showed us, that's OK. However, since you are clearly in the market for options, and since the TXU0104 seems a bit overkill, I assume you are free to explore other ideas too.
The simplest by far is to use a TTL level compatible inverter or gate, which will trigger correctly for outputs from 3.3V CMOS devices like your ESP32, but produce 0V/5V outputs perfectly suited for the MOSFET gate. By using such a device, level translation and inversion is performed in the same unit.
Any 74HCT gate will do this. I don't think you need schmitt trigger inputs, since the ESP32 outputs will not be slow or noisy. You can use any regular inverter, such as those you find in a 74HCT04, or 74HCT2G04. You could even use NAND or NOR gates configured to invert, like those in the 74HCT00 and 74HCT02.
If you really need schmitt trigger inputs, then devices like the 74HCT2G14 and 74HCT132 are perfect. All the following circuits will level-translate and invert simultaneously:
simulate this circuit
It's always useful to have a few NORs and NANDs available for other tasks, but whatever gates you don't use in the packages, don't leave their inputs unconnected. Always tie unused inputs to ground or the positive supply.
As long as the 74HCT device has a supply of +5V, you can apply inputs of 0V/5V or 0V/3.3V, and you will get outputs of 0V/5V. That means you can use these "HCT" things between your existing "LVC" output and the MOSFET, if you wish.
I'm a bit embarrassed that I didn't think to suggest this solution in the first place. Big oversight on my part, sorry.