Yes, it is most commonly precribed for depression and generalized anxiety disorder but many patients are also prescribed it for with panic and anxiety attacks. A few patients report immediate effects that might be mostly placebo effects i.e., more energy and counting fewer panic attacks. Some unwanted side effects inclue higher rate of headache and mild nausea when first taking it. Can also cause night sweating early on. Many patients find that the medication helps reduce or elminate their panic attacks; if they've had this problem for a long time, they know that agoraphobia or fear of leaving home for fear of having panic attacks can still be troublesome, so cognitive behavioral therapy with a competent psychologist who is experienced in CBT is the best approach (meds and therapy).
Hope this information is helpful to you. Let me know if I have overlooked any aspect of your original quesiton. Thanks.