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.
The 28-day figure for a reconstituted preserved vial is microbiological, not chemical. Chemically, a well-behaved peptide at 5 mg/mL at 4 °C will typically lose well under a per cent of content per month. The reason to respect the date is bioburden, and bioburden is a function of how many times you have opened it, not of the calendar.
In practice, 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.
If the material arrived warm and it was lyophilised, test it and proceed on the result. If it arrived warm and it was in solution, the result is more likely to be interesting than reassuring.
edited 14 Jul 2024 by juliette_farnese — tightened the wording; no substantive change