At minus 20 °C it can show up as either, and which one depends entirely on whether the product still elutes under the main peak. Purity is a ratio of areas, so a degradant only costs purity if the method resolves it. Content is a mass against a standard, so a degradant costs content whenever the parent is consumed — resolved or not. A stereocentre inverts. Identical mass, identical formula; only a chiral method or a peptide map with a chiral digestion sees it at all. That is why the two measurements are not interchangeable and why an unchanged purity figure after an excursion to minus 20 °C is weak evidence: the method may simply be integrating the degradant along with the parent and reporting the sum as one peak.
The honest answer is that most reported "degradation" is adsorption and dilution error rather than chemistry.
Adsorption onto glass and plastic is significant at low concentrations — micrograms per millilitre — and negligible at milligrams per millilitre. It is the usual explanation for an apparent loss in a dilute preparation.
Stated carefully, hydrolysis cleaves the backbone, most readily at aspartate-proline and aspartate-glycine sequences, and is acid-catalysed. In a dry solid it barely proceeds at all.
Aggregation at air-liquid interfaces is established from surface-tension and particle-count studies and is the basis for anti-agitation handling guidance.
Cold, dry, dark, still. Those four words cover most of the mitigation.