Yes, you are in too deep. She's trying to get the kind of support that will let her vent the upset and then think more clearly about it-- but from the way it sounds like you are feeling, you aren't able to muster up the detachment necessary to allow her to do this in a relaxed, confident way. And not being able to do that is normal!
The best thing you can do to shift that is to help her get her attention off the distress, letting her know as a friend it will do you both good to shift focus for a break from the scariness of this. Then cheerfully invite her to tell you her name spelled backwards, her birthday added to today's date-- simple, silly puzzlers that will be completely outside the topic of the upset. Next move to asking about childhood images-- what was your favorite red thing when you were little, what was the stinkiest thing you ever smelled, how many books did you have and what were they, etc.
Try this before telling me why it's wrong or won't work, OK?
Once her teariness has given way to giggling, let her know that you want to be her friend in this situation, and that as a friend you will go with her to go get some EXPERIENCED help in dealing with it. Be readay with some suggestions, or ask her if she has considered anyone to talk to-- legal or mental health. Believe it or not, if you really expect her to think about that, she will know what she needs to do.
You may need to do this a couple of times.
It isn't cruel to help someone take a break from the pit. The pit will still be there for her to resume dealing with, and a short break from it will be good for you both.