When it comes to rescue situations, I prefer to problem solve on a case-by-case basis. Whenever you make statements using terms like "always" or "the obvious choice is..." you run the risk of not going through the decision-making process of figuring out the best course of action.
One thing that I keep in mind with a panicked diver is how large that person is. With a small, slight-of-build girl, I would consider approaching from behind (either above/underwater), simply inflating my BCD, and grabbing onto her to establish positive buoyancy. I wouldn't even consider such an approach with a large man.
You have other options open to you besides an underwater approach. A panicked diver is a danger to himself and you. You can let him tire himself out first. This is one instance in which patience can help improve the situation. You could maintain your distance and talk him into helping himself. You could also reach with some sort of implement or throw a buoy to the problem diver. I'd consider inflating my signal tube, which provides positive buoyancy and allows me to maintain my distance to the panicked diver. Lots of options to consider.