Xanax is indicated for relief of panic attacks according to psychiatrists with whom I have had contact; and according to the medical literature.
Valium is fairly commonly well-known for being a better muscle relaxer, and I find it is longer acting. I believe Xanax is shorter acting; however dosage is all-important in finding the correct response to the problem at hand.

Xanax does not IMO cause the kind of euphoria that Hydro does due to the sedative properties of Benzos. But I suppose some euphoria may be experienced before full sedation is achieved and sedation, slumber or sleep ensues.

Low doses of Xanax during the daytime controls my panic attacks whereas Valium only subdues it , and eventually makes me too sleepy. IMO there is what I would call an intermediate acting Benzo: Ativan. I find it has less side effects than either of the two mentioned Benzos.

On the other hand I've been able to have better daytime control over anxiety and feeling panicky when I take Valium at night for sleep and to relax my all-too-frequently-spazed out muscles (due to disc herniation and related physical traumas).
Addiction can be a problem. Though as noted above , if used
appropriately there should be no problem "as long as" one tapers their dosing before discontinuing this type of med.
Good Luck
MT aka Foxfire48