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Despite much recent work, the true promise and limitations of the Quantum Alternating Operator Ansatz (QAOA) are unclear. A critical question regarding QAOA is to what extent its performance scales with the input size of the problem instance, in particular the necessary growth in the number of QAOA rounds to reach a high approximation ratio. We present numerical evidence for an exponential speed-up of QAOA over Grover-style unstructured search in finding approximate solutions to constrained optimization problems. Our result provides a strong hint that QAOA is able to exploit the structure of an optimization problem and thus overcome the lower bound for unstructured search. To this end, we conduct a comprehensive numerical study on several Hamming-weight constrained optimization problems for which we include combinations of all standardly studied mixer and phase separator Hamiltonians (Ring mixer, Clique mixer, Objective Value phase separator) as well as quantum minimum-finding inspired Hamiltonians (Grover mixer, Threshold-based phase separator). We identify Clique-Objective-QAOA with an exponential speed-up over Grover-Threshold-QAOA and tie the latter's scaling to that of unstructured search, with all other QAOA combinations coming in at a distant third. Our result suggests that maximizing QAOA performance requires a judicious choice of mixer and phase separator, and should trigger further research into other QAOA variations.