At room temperature 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 room temperature 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.
Deamidation converts asparagine or glutamine to the corresponding acid via a succinimide intermediate, adding one dalton. It is base-catalysed, accelerates above neutral pH and is the dominant aqueous pathway for many peptides.
The part that matters: light exposure matters for tryptophan-containing sequences and for anything with a chromophore. Amber vials and a closed box are free mitigations.
Deamidation via the succinimide intermediate is well characterised, with sequence-dependent rates highest for asparagine-glycine motifs.
Cold, dry, dark, still. Those four words cover most of the mitigation.