Put another way, 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.
Adsorption to the container is a real loss at low concentration. For a peptide at 0.1 mg/mL in an untreated glass vial, single-digit percentage losses to the wall are plausible; at 5 mg/mL it is negligible. This is one of several reasons not to reconstitute to a very dilute working solution and store it.
For the solid state, residual moisture is the dominant variable. A cake at two per cent water is considerably more stable than the same cake at six per cent, because water is both a reactant in hydrolysis and a plasticiser that lowers the glass transition temperature. This is why a desiccant in the outer packaging is not theatre, and why opening a cold vial in a humid room is a genuine error — you condense water onto the cake.
Deamidation kinetics for asparagine in peptides are well characterised and strongly sequence-dependent: the residue following the asparagine dominates the rate, with glycine and serine at the n+1 position accelerating it by an order of magnitude relative to bulkier residues. That is why two peptides in the same buffer at the same temperature can have quite different shelf lives.
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.