Magic mushrooms are effective for depression, but psychedelics in general are contraindicated for anxiety and panic disorders.
If you suffer from comorbid depression and anxiety, and want to experiment with magic mushrooms, caution is advised and a trip-sitter is recommended- combining mushrooms with a low dose of a benzodiazepine might help to reduce possible anxiety while you are treating the depression, but a very careful balance of both needs to be acheived. Be conservative, and always DYOR.
I can't comment on microdosing, and personally I don't believe microdosing is better than taking proper psychoactive doses.
In any case, ketamine, although actually a dissociative and not really a true psychedelic, might be preferable.