Anxiety is no good in a way (5)
I believe the answer is:
angst
'anxiety' is the definition.
(I know that angst is a type of anxiety)
'no good in a way' is the wordplay.
'no good' becomes 'ng' (abbreviation).
'in' means one lot of letters goes inside another.
'way' becomes 'st' (abbreviation for street).
'a'+'st'='ast'
'ng' inserted within 'ast' is 'ANGST'.
'is' acts as a link.
(Other definitions for angst that I've seen before include "Philosophical unease" , "Feeling of guilt or remorse" , "uneasiness" , "Horrible feeling" , "feeling worried?" .)