We did exercises like this a lot in outpatient rehab.
I'd add a few things.
When feeling anxiety/low mood, what thoughts, activities, etc. have you experienced that calmed you down and/or elevated your mood other than two drinks?
Get behind the feeling. What caused you to feel low or anxious? What were you doing at the time? What were you thinking about? How does that relate to times in the past that you felt anxious or in a low mood state? Is there a pattern?
For both states, is there anything you're feeling in your body that can signal either sort of craving?
Anxiety for me feels fluttery in the stomach. Depression feels heavy in the shoulders. If I encounter an old trigger, I notice my mouth waters in anticipation of the drink (Pavlovian?) and I feel an almost physical pushing in the middle of my back towards the stimulus.
There's also the "this would be so much more fun better if I were" fill in the substance. This shindig is a bit boring and I feel a bit anxious, I'd be the life of the party if I had a drink or two (reality is I'd have more and end up making a drunken ass of myself). This date is awkward, I could move things along to something physical if I had a cocktail (again, more likely ending up with me making a fool of myself or having sex that I'd later regret). Same example as the last...except make it a line of coke. This rave would be so much better if I were rolling balls. (I got nothing for that one). All of those are examples of cognitive distortions.