I think that exercise has a strong effect on mood, appetite, digestion, and metabolism. Grazing continuously probably interferes with the migrating motor complex, so we will tend to do better if we refrain from eating outside of mealtimes. Refined carbohydrates tend to be addictive due to the quick increase in blood sugar levels, and tend to make consuming unrefined carbohydrates seem less appealing. Eating some fat promotes satiety, which may help reduce over-eating. So, there are a lot of factors in play.