Not to be a party pooper or anything but this whole thing sounds a little red-flaggy to me. I wonder if your feelings of jealousy stem from how inappropriate this whole thing is (or how it sounds to me at least.)

So let's see... Your prof in your counselling/psychotherapy program who is supposed to be modelling good boundaries in psychotherapy has a student who is crisis. Instead of listening supportively, encouraging her to speak with a therapist and perhaps giving her an extension on an assignment, said professor becomes this student's ad hoc psychotherapist! At her own home! And holds her for half an hour! I can barely think for the alarm bells going off in my head!!! Seriously?

And then what? Are they going to meet for more holding and therapy again? Does the student get an A for all of this? This is messed up. Of course you feel uneasy with it.