I used a genuine cover (Internet search or real copy) as a guide (inset).
1. Open new image. I used the proportions from the sample guide,
but you might want to use a standard size, like 8 x 10.
Then make New layer to create the outer border.
Select All, Stroked 3 times White, Black, color matched Red from the sample
Each stroke had a slightly smaller size to reveal the previous ones.
2. Drag "cover image" onto the New image. Move below the stroked border in the layer stack
3. Create Magazine title. I obviously didn't match the font well,
but should be easy to find a better match (Internet search if needed).
4. Add other text as desired: "feature of interest"
and another text layer with the issue date, price, etc.
5. Add a bar code strip if desired. You can find free PS actions on the Internet.
6. Add layer mask to the Title and the Stroked border layers to reveal the subject image for 3-D effect. (Similar to the sample)
7. Save image as a "template" if considering using for other pictures.
Only need to change the small text and layer masks for appropriate captions.
If making a template, don't Rasterize the text layers as I did in this example.
Then the text can be edited easily.