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Yes, or at least it blocks effects if you take it pre-exposure. Risperidone, an atypical antispychotic, is also known for this. Some idiotic big pharma startup will try and milk this, rather than examining cheap existing medications. Plenty of medications block 5-HT2A, I think the important requirement here would be rapid absorption and high receptor occupancy.

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Anecdotally, I've used risperidone specifically to abort LSD trips on two occasions and found it quite successful both times. Now when I introduce people to LSD I give them a Risperdal to keep in their pocket "just in case", though to my knowledge none of them have had to use it.

Simply knowing you have a backup strategy if you panic can go a long way to preventing panic attacks. Psychiatrists sometimes do something similar where they write a script for a benzo, just one or two for your bag.

Knowing you can control panic if it occurs goes such a ways in preventing panic at all.

Anecdotally, one of the best treatments for social anxiety I've found is to always know where the exits are. At a concert, identify the exit signs. In a conversation, have someone who can take over for you.

Knowing there's a way out of the situation can completely nullify the scariness of that situation.

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