Does Just Knowing That You're Being Paranoid About Something Help Calm You?

Here's a question that I'd like to ask to those who are dealing serious anxiety issues.

If you're real worried about something and deep down you know that you're anxieties about it are way out of proportion to the situation, does just knowing that you're paranoid about it calm you down (or at least help calm you down)?

Sometimes I find that to be the case. However, it doesn't always work for me.

How about you?

Same, if I can recognize it right away as anxiety it takes some of the power out of it.