That is true, but it misses some important nuance: the war on drugs has effectively eliminated the ability for legitimate researchers to do significant research on these criminalized drugs.
For example, for me personally, a mild dose of marijuana is as effective as Zolpidem (Ambien) as a sleep aid, but without the lethargy and mental fog the next morning.
That's not true any more. We have a substantial body of data already from clinical trials and a huge number of trials currently in the pipeline. The results from completed trials are quite equivocal - while psilocybin does appear to work as a treatment for depression, anxiety and other common psychological disorders, we have no evidence yet to suggest that it is meaningfully more effective than current treatments.
We have good reason to believe that psychedelics may be useful for some patients in some circumstances, but the widespread talk of a revolution in psychiatry is pure hype.
https://pubmed.ncbi.nlm.nih.gov/?term=psilocybin&filter=pubt...
https://clinicaltrials.gov/search?intr=psilocybin&aggFilters...