Surface treatment of perovskite materials with their layered counterparts has become an ubiquitous strategy for maximizing device performance. While layered materials confer great benefits to the longevity and long‐term efficiency of the resulting device stack via passivation of defects and surface traps, numerous reports have previously demonstrated that these materials evolve under exposure to light and humidity, suggesting that they are not fully stable. Therefore, it is crucial to study the behavior of these materials in isolation and in conditions mimicking a device stack. Here, it is shown that perovskite capping layers templated by a range of cations on top of methylammonium lead iodide devolve in conditions commonly found during perovskite fabrication, such as exposure to light, solvent, and moisture. Photophysical, structural, and morphological studies are used to show that the degradation of these layered perovskites occurs via a self‐limiting, pinhole‐mediated mechanism. This results in the loss of whole perovskite sheets, from a few monolayers to tens of nanometers of material, until the system stabilizes again as demonstrated for exfoliated flakes of PEA2PbI4. This means that initially targeted structures may have devolved, with clear optimization implications for device fabrication.