Yes, from my experience they do significantly more damage to shields than swords.
So as soon as you have to break a shieldwall, the 1h axes are a viable option.
Edit:
And that's what makes duelling the boss of the forest bandits in early game so dangerous: He has a strong axe which destroys beginner-shields in few hits, while on the other hand his shield is tough enough to last the whole fight.
Actually the damage is slightly higher for axes, especially the cheaper ones compared to sword in the same price range. The shorter reach may also be a benefit if you are fighting in a mob.
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