I guess it's relative. It is very intensive, but maybe the anxiety is coming from the fear of losing or the fear of being thought a weak player by the other players. Remember losing doesn't matter. Try to play new ideas you have learned and things you enjoy, that way, you will enjoy the experience more.
For me, I played against very good players in 5 min blitz otb and lost every game, but I took a note pad and made little notes on things that I messed up and missed and felt worried about during the game. Which openings my opponents played so I could do some homework and be better prepared. This helped me know what to work on when I came home.
Do some tactics before you play to warm up your mind, really try to have fun with it and not see it as something to worry about, and most of all try to just relax and play as you normally would. Get up and take a walk in-between to circulate the blood and oxygen. Talk with your opponents and see if they can explain where you went wrong, and develop a rapport with your opponents and remember whatever their rating, they are just human and they make mistakes too. Best luck :)
I just played two OTB 5|0 blitz games against a member of my local chess club, and my main problem was that I was very nervous, so I missed even simple things like queen threats (from my opponent) that I usually wouldn't. Bullet/blitz games often make me anxious, especially OTB, and I still get anxious sometimes with longer time controls. I hope to play competitive chess someday and fear anxiety will get in the way of my play. Does anyone have any tips for reducing chess anxiety?