WIBTA for telling my depressed friend to find a better way to cope?

Obviously I wouldn't be as direct as the title suggests but basically the gist of the issue is:

I have a friend, Brittany (22f) who is "in love" with a guy, James (20m). She calls me on the phone a lot and most of our conversations will be about James.

My friend is really depressed. She's attempted twice and vaguely tells me about her doing things to hurt herself. She says she has a lot of days where it's hard for her to get out of bed and that she has a hard time at her jobs because of her depression.

Now, regarding her and James. James is in a relationship and has a kid with another woman. James is actually cheating on his girlfriend with Brittany, and from what she tells me, they hook-up together rather frequently. She tells me that she is genuinely in love with James and that he is one of the only things that make her happy. She has had a lot of previous partners and they were pretty shitty (I feel like they were using her for sex. I've even told her that some of the guys she's dated have told her to her face that they're not good guys and yet she stays with them). And she says that James is the only guy that's treated her right. I feel like I'm digressing but to get to the reason I made this post:

I feel like Brittany is too attached to James in an unhealthy way. I see no way that continuing to be with him will be a good thing in her life. From what she tells me, it's very obvious he has no intention of making things permanent with her, and she's literally his affair partner ffs. I will be honest and admit that I have not been saying much how about how I feel about their relationship to her, and that's on me, but the more we talk the more I feel like I need to say something to her about it.

The future I see is that one day he will cut off contact with her, and she'll spiral into a depression and might attempt again. I feel like I want to prevent that and get her to see that it would be better for her to let go of him and find other ways of making herself happy and not by depending on other people to give her happiness. Obviously I know that I can't just _make_ her do that. I know this is something he needs to work on herself.

I'm hesitant because I don't want to be insensitive considering her depression, but I feel like staying silent is just teetering a little to close to being an enabler for my liking.

So, WIBTA? And if so, how can I go about this situation?