The most common and most likely answer to this crossword clue is the 12 letter word PSYCHOACTIVE
I've seen this crossword clue in The Times
P
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Buddy explains!
The straight part
We know that "Mentally affecting" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case mentally affecting = psychoactive.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PSYCHOACTIVE mean?
PSYCHOACTIVE noun- Any drug that affects the mind or mental processes.
- (pharmaceutical effect) Affecting the mind or mental processes.