Start by separating chemical degradation from physical degradation, because they fail differently and they are detected differently. Chemical degradation changes the molecule and shows up as new peaks on a chromatogram. Physical degradation aggregates the molecule and often shows up as nothing at all on reverse-phase HPLC, because the aggregate never makes it onto the column.
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.
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.
General guidance on lyophilised peptide storage from the major synthesis houses converges on minus twenty degrees for long-term storage of solids and refrigerated storage for solutions in use, with the explicit note that repeated freeze-thaw of solutions should be avoided. It is consistent advice precisely because it follows from the chemistry rather than from a study.
One qualification: none of this addresses sterility. A vial can be chemically pristine and microbiologically compromised, and a chromatogram will not tell you which.
Store solid, store cold, store dry, and reconstitute what you will use rather than what fits in the vial.