Hi,
there are a lot of issues:
A PWM signal has two states: HIGH and LOW.
You may define LOW = <0.6V and HIGH >2.0V
"Less than 3.3V" is not a good definition.
(it´s important to define what you mean, there are a lot of threads in this forum that decide the PWM voltage as the average voltage .. involving duty cycle)
What is the box "in out adj" exactly?
The LED should not draw the energy from the signal.
But it does. In your schematic.
The problem is that you are focussed on the red circle device, but ignore that inside the optocoupler there also is a LED.
And with optocouplers with an CTR<100 your circuit is counter productive. It draws more current from the input than your red circle LED draws.
You need to give details on this
What´s the expected output current and the expected output voltage precision?
As soon as you dtaw some output current the signal will drop, too.
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A much simpler, more perfect solution could be (depending on your requirements) to use a logic level controlled CMOS ANALOG SWITCH.
It draws way less power supply current, less signal current, you may drive LED and output independently, you get less output resistance ....
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Before you ask for a schematic: please give a most detailed list of your requirements.
Klaus