Accepted answer
Worth being precise here: degradation is not one process, and which one dominates depends on the condition you are asking about. In solution at refrigerated temperature the rate-limiting pathway is usually deamidation and hydrolysis; at room temperature aggregation overtakes them; frozen, the damage happens during the transitions rather than during the hold.
Aggregation is the failure mode that reverse-phase HPLC is worst at detecting, because a large soluble aggregate may not elute at all and an insoluble one is filtered out during sample preparation. If your purity result comes back normal but the vial looks hazy, believe the vial. Size-exclusion chromatography is the method that sees this.
The part that matters: freeze-concentration is the mechanism people miss. As ice forms, everything that is not water is excluded into a shrinking unfrozen fraction, so the local concentration of peptide, buffer salts and preservative rises sharply. If the buffer components crystallise at different rates, local pH can shift by more than a unit. That is why a phosphate-buffered solution can behave badly on freezing while an unbuffered one is fine.
Where community-submitted samples with known thermal excursions have been tested at Janoshik or Medutest, the recurring finding is that lyophilised material tolerates warm transit far better than intuition suggests, while reconstituted material shipped warm does not. The asymmetry is consistent enough to plan around.
The caveat is that "within specification" and "unchanged" are different claims. A vial can lose a few per cent of content and still be usable for its purpose while no longer matching its certificate.
Store solid, store cold, store dry, and reconstitute what you will use rather than what fits in the vial.