Hello, I arrive on Saturday at 5:20pm at the Pudong airport and my flight is at 9:55pm at Hongqiao.

Yes, you can make it, and it will take about one hour and cost almost CNY 200 by taxi. You have sufficient time for transportation, so I suggest you a cheaper way to get there. You can take the airport shuttle bus Line 1 or the subway line 2 to get to the No.2 Terminal of the airport directly, and the durance is respectively about 80 minutes and 100 minutes