TPS61222: For 5V fixed output, what happens if Vin>Vout

I am reviewing a design where Vin could be slightly higher than Vout at times (Vin max is 5.3V and Vout is 5V regulated). Nominally Vin will be less than Vout, in the happy operating range of the boost converter.

In the case where Vin>Vout, I think the series FET should be closed and the output should follow Vin (minus IR drop through the inductor and FET). As long as the downstream sensor can handle 5.3V, is it ok to operate the TPS61222 this way?

Thanks for the help!