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.
Light matters for specific residues rather than in general. Tryptophan and to a lesser extent tyrosine and methionine are photo-labile; a sequence without them is largely indifferent to ambient light over the timescales in question. Amber glass is cheap insurance rather than a requirement.
To be exact about it, 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.
Store solid, store cold, store dry, and reconstitute what you will use rather than what fits in the vial.