The voltage on the pin will simply be (very close to) 3.3 V or 0 V (depending on whether it is set low or high). The remaining voltage is simply dropped across the pull up resistor, and the current path is from 5 V, through the resistor, through one of the MOSFETs to either $V_{DD}$\$V_{DD}\$ or $V_{SS}$\$V_{SS}\$ depending on the pin state.