Good distinction Hudson. The 'freeze' reaction consists of doing nothing when something must be done. I'd classify panic as doing the wrong thing through lack of training/thought/control etc.
Experience is by far the most important influence so the instances of inappropriate responses in Part 121 (and equivalent) are rare indeed, perhaps even to the point of non-existence. In other types of operation (some of which are 'commercial'), I suggest that these reactions can and do occur. And if we move into GA, a cursory look at the records reveals a depressing number of both 'inaction' and 'wrong action' accidents. How many other pilots have panicked but got away with it, nobody knows. A goodly proportion I'd imagine, truth be known.