Very well said. I think informed consent works very well.

For example, in the case of currently illicit drugs in Australia, even if we legalised (or decriminalised) stuff like cocaine, heroin, benzos I wouldn't take it, because the risk of addiction is too high. However, marijuana, LSD and MDMA I would take (and have taken).

You see it work already for stuff like cigarettes. Now that people know how dangerous cigarettes are, within a generation or two the only people who still smoke cigarettes are old people who can't quit. Young people won't even try cigarettes. (They will try vapes but that's because they haven't been fully informed about the dangers of vapes partly because we don't fully know yet what vapes do to people).

Furthermore informed consent about magic mushrooms and the small but significant risk they pose to people with preexisting mental health conditions would have prevented my fiance from taking them and having a bad trip that led to psychosis and harm to himself and others. The reason he thought it was safe was because we didn't have full information about the risks of magic mushrooms for people who are mentally ill.