Torschlusspanik is the fear that time is running out for eg a career change. Weltschmerz is a deep melancholic sadness about the state of the world or life. Hopefully someone who actually speaks German can give greater nuance to those definitions and maybe some other examples.
In german there are those wordwords but those are mostly already there and germans are not using this feature regularly to make up new words to describe things. But yes can be fun if one is doing it. The Fun of doing it ->i have fundoing
as someone pointed out, there are words that describe certain things way better in english then in german. anxiety and hypocrite is one of those that pop in my mind. There are translation for those but they arent used in the german day to day vocabulary