yes, you can use psychedelics as a catalyst to explore your own fears
on a philosophical level, you can begin to understand your existence on a more exponential level (evolution, the universe, etc.) which can allow the little things we worry about in our small lives to appear as small as they are
on a psychological level, you can also dig up unconscious and repressed material from your past and from your life circumstances, allowing you to understand where these fears might have grown from in the beginning