We study a quantum Otto engine at finite time, where the working substance is composed of a two-level system interacting with a harmonic oscillator, described by the quantum Rabi model. We obtain the limit cycle and calculate the total work extracted, efficiency, and power of the engine by numerically solving the master equation describing the open system dynamics. We relate the total work extracted and the efficiency at maximum power with the quantum correlations embedded in the working substance, which we consider through entanglement of formation and quantum discord. Interestingly, we find that the engine can overcome the Curzon-Ahlborn efficiency when the working substance is in the ultrastrong coupling regime. This high-efficiency regime roughly coincides with the cases where the entanglement in the working substance experiences the greatest reduction in the hot isochoric stage. Our results highlight the efficiency performance of correlated working substances for quantum heat engines.