The quantum approximate optimization algorithm (QAOA) and quantum annealing are two of the most popular quantum optimization heuristics. While QAOA is known to be able to approximate quantum annealing, the approximation requires QAOA angles to vanish with the problem size (n), whereas optimized QAOA angles are observed to be size-independent for small (n) and constant in the infinite-size limit. This fact led to a folklore belief that QAOA has a mechanism that is fundamentally different from quantum annealing. In this work, we provide evidence against this by analytically showing that QAOA energy approximates that of quantum annealing under two conditions, namely that angles vary smoothly from one layer to the next and that the sum is bounded by a constant. These conditions are known to hold for near-optimal QAOA angles empirically. Our proof relies on a series expansion of QAOA energy in sum of angles, which we show converges to quantum annealing limit as QAOA depth grows for constant sum of angles even if angles do not vanish with problem size (n). A corollary of our results is a quadratic improvement for the bound on depth required to compile Trotterized quantum annealing of the SK model in the average case.