Communication Uart/i2c between teensy And Arduino???

Yes, this type of level shifter works well for I2C.
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This transistor + resistors circuit is slow and gives a weak logic high signal. It's best for I2C which uses weak logic high.

For serial, it can be used if baud rate is slow and wires are not too long.

It is unusable for fast communication like SPI or WS2812 LEDs. For faster communication, unidirectional buffer chips are best.
 
For UART (RFx,Tx) level shifting, better to use ADUM1201.
Those are transformer-based couplers which can be pretty noisy for EMI, especially at high speeds or the ones with internal oscillators. Fast opto and capacitive couplers are also available.
 
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