Says it all in the title
On this doc page, the Photon Datasheet, it shows that the maximum DAC output voltage is 3V3 - 0.2 V or around 3.1V typically.
https://docs.particle.io/datasheets/photon-datasheet/#i-o-characteristics
You can always add an external op-amp to increase the output to 5V if you like, but the Photon itself is a 3.3V device.
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