Hi Carro, you could try taking both, then you will be treating the insulin resistance and excess androgens directly. I think the spiro should help more with the excess hair and hairloss.
I don't think either of them make depression worse, if your anxiety/depression is caused by the hormone problems of pcos then treating it with these drugs might improve your anxiety!
And a good thing is you shouldn't gain weight on them! Hooray

. Metformin often causes weight loss because it reduces your insulin resistance, and spiro is a diuretic so causes loss of water weight/fluid retention.
I am doing the same as you, i'm on metformin and have just ordered some spiro, I hope it works!
Good luck at the doctors!
Cat xxx