Shear flows along a plasma interface will quickly grow unstable due to the Kelvin–Helmholtz instability. If there is a concurrent temperature gradient across the interface, higher modes are stabilized by the thermal diffusion. These ablative effects must be considered in, for example, jet features in inertial confinement fusion hot-spots, or plasma plumes in young supernovae. We show that magnetization of the plasma can greatly affect the instability, even if magnetic pressure is small. This is because electrons are localized by their gyromotion, reducing the heat flux and material ablation. We use a two-dimensional numerical extended-magnetohydrodynamics approach to assess this effect for dense fusion conditions. In comparison with the unmagnetized case, self-generated Biermann fields make only a minor difference to growth rates. However, simulations with a large 50 kT external field found that the growth rate of the least stable mode increased by 40%. This has implications for mix processes in Z-pinches and magnetized inertial confinement fusion concepts.