Peat's writings are sometimes sensible (to me) and at other times make no sense.
Melatonin messed with me for a while, until I understood it as staying in bright light until bedtime to avoid premature melatonin release rather than avoiding it altogether.
Interesting. I assumed his main thing was progesterone. But then maybe it's due to lowering of serotonin.
I'm generally aware serotonin can be bad. The higher amount leading to depression is new. Even when serotonin-induced depression is described, it sounds different:
"The depression associated with high serotonin is of a different variety from the classical depression, which is most familiar. The typical symptoms of anxiety, low mood, pessimism, sadness, emotional instability, etc. are missing. For that reason it often overlooked, and nothing is done about it." - Symptoms of High Serotonin
I'm also aware of serotonin inducing anxiety, but that's mainly said to be social rather than generalized anxiety.
Serotonin "cures" depression by lowering your vitality and dissociating your mind from the pain signals your body is sending out. Rocks don't experience depression because they are not alive. It's a numbing, apathy-inducing substance, not truly anti-depressant or anti-anxiety.
Anxiety, agitated depression is most likely caused by low GABA due to excess estrogen relative to progesterone.