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Combinatorial optimization is anticipated to be one of the primary use cases for quantum computation in the coming years. The Quantum Approximate Optimization Algorithm and Quantum Annealing can potentially demonstrate significant run-time performance benefits over current state-of-the-art solutions. Inspired by existing methods to characterize classical optimization algorithms, we analyze the solution quality obtained by solving Max-cut problems using gate-model quantum devices and a quantum annealing device. This is used to guide the development of an advanced benchmarking framework for quantum computers designed to evaluate the trade-off between run-time execution performance and the solution quality for iterative hybrid quantum-classical applications. The framework generates performance profiles through compelling visualizations that show performance progression as a function of time for various problem sizes and illustrates algorithm limitations uncovered by the benchmarking approach. As an illustration, we explore the factors that influence quantum computing system throughput, using results obtained through execution on various quantum simulators and quantum hardware systems.