First, we note that the coherator on an affine scheme is given by the associated quasi-coherent sheaf to the global section (cf. Thomason-Trobaugh, Appendix B. 14).
Let $A$ be a ring.
Write $S :\overset{\mathrm{def}}{=} \mathrm{Spec}(A)$.
For any element $f\in A$, write $S_f:\overset{\mathrm{def}}{=} \mathrm{Spec}(A_f)$.
Write $\tilde{(-)}$ for the associated quasi-coherent sheaf to the $A$-module $(-)$.
Then, the functor $\Gamma(S, -)\tilde{ \ }: \mathsf{Mod}(\mathcal{O}_S) \to \mathsf{QCoh}(S)$ is right adjoint to the inclusion $\mathsf{QCoh}(S)\hookrightarrow \mathsf{Mod}(\mathcal{O}_S)$.
Hence, it holds that $Q_S = \Gamma(S, -)\tilde{ \ }$.
Here, we give a simple counterexample:
Let $(R, \mathfrak{m})$ be a DVR.
Write
- $S:\overset{\mathrm{def}}{=} \mathrm{Spec}(R)$, $K$ for the field of fractions of $R$, $U :\overset{\mathrm{def}}{=} \mathrm{Spec}(K)$, $j:U\hookrightarrow S$ for the natural open immersion,
- $X :\overset{\mathrm{def}}{=} \coprod_{i\in \mathbb{N}}\mathrm{Spec}(R/\mathfrak{m}^i)$, $F:\overset{\mathrm{def}}{=} \mathcal{O}_X$, and
- $f:X\to S$ for the natural morphism.
Then, $f_{\#}F$ is equal to the associated quasi-coherent sheaf to $\prod_{i\in \mathbb{N}}R/\mathfrak{m}^i$.
Hence, $j^*f_{\#}F\neq 0$.
On the other hand, since $X\times_{\mathrm{Spec}(K)} S = \emptyset$, the natural morphism $0\neq j^*f_{\#}F \to f_{\#}'{j'}^*F = 0$ is not an isomorphism.
On a related note, we can prove the following claim:
Claim.
Let $f:X\to S$ be a morphism of schemes and $F$ a quasi-coherent sheaf on $X$.
Assume that for any open immersion $j:U \hookrightarrow S$, the natural morphism $j^*f_{\#}F\to f_{\#}'{j'}^*F$ is an isomorphism.
Then, $f_*F$ is a quasi-coherent sheaf on $S$.
Proof.
Write $Q_{(-)}(-)$ for the coherator.
Let $j:U\hookrightarrow S$ be an open immersion.
Since $f'_{\#}(-) = Q_U(f'_*(-))$, it follows from the assumption that
\begin{align}
f_{\#}F(U)
&= \mathrm{Hom}_{\mathsf{QCoh}(U)}(\mathcal{O}_U, j^*f_{\#}F)
\xrightarrow{\sim} \mathrm{Hom}_{\mathsf{QCoh}(U)}(\mathcal{O}_U, f'_{\#}{j'}^*F) \\
&= \mathrm{Hom}_{\mathsf{QCoh}(U)}(\mathcal{O}_U,Q_U(f_*'{j'}^*F))
= \mathrm{Hom}_{\mathsf{Mod}(\mathcal{O}_U)}(\mathcal{O}_U,f_*'{j'}^*F) \\
&= \Gamma(U, f_*'{j'}^*F)
= F(f^{-1}(U)) = f_*F(U).
\end{align}
This implies that the natural morphism $f_{\#}F \to f_*F$ is an isomorphism of sheaves.
Thus, in particular, $f_*F$ is quasi-coherent. ◻︎
By the above claim, we conclude that if $f_*F$ is not quasi-coherent, then there exists an open immersion $j:U\hookrightarrow S$ such that the natural morphism $j^*f_{\#}F\to f_{\#}'{j'}^*F$ is not an isomorphism.