The distance sensor should work with 3.3V also, according to the datasheet. You could power both ads1115 and MB7360 from 3.3V.
You do not need R1, R2, as pullup are already provided on RPi for I2C signals.
Option1: power both chips from 3.3V, remove R1, R2.
Option2: power ADS1115 from 3.3V, remove R1, R2. Power MB7360 from 5V. Provide a voltage divider 5V to 2.048V (max scale setting from ads datasheet, Table3.PGAGainFull-ScaleRange, max scale which fits into 3.3V supply).
Option 3: power all chips from 5V, but then you need a level shifter for the I2C signals. Something like a "4-channel I2C-safe Bi-directional Logic Level Converter", example adafruit PRODUCT ID: 757. R1, R2 are then needed on 5V side.
Option 4: the MB7360 has a serial output, RS232 for 0, VCC. With a simple inverter, it should be possible to use serial input on RPi, eliminating the need for the AD-converter. This should also give better resolution. From the datasheet:
Pin 3-Analog Voltage Output: This pin outputs a single ended analog voltage scaled representation of the distance. ... The distance is output with a 5-mm resolution. The analog voltage output is typically within ±5-mm of the serial output.
Pin 5-Serial Output: The MB736X sensors have an RS232 data format (with 0V to Vcc levels) ... followed by four ASCII character digits representing the range in millimeters