diff --git a/src/compiler/checker.ts b/src/compiler/checker.ts
index ee1d06112df..7f197370048 100644
--- a/src/compiler/checker.ts
+++ b/src/compiler/checker.ts
@@ -12065,12 +12065,15 @@ namespace ts {
                             return result;
                         }
                     }
-                    else {
-                        const instantiated = getTypeWithThisArgument(constraint, source);
-                        if (result = isRelatedTo(instantiated, target, reportErrors, /*headMessage*/ undefined, isIntersectionConstituent)) {
+                    // hi-speed no-this-instantiation check (less accurate, but avoids costly `this`-instantiation when the constraint will suffice), see #28231 for report on why this is needed
+                    else if (result = isRelatedTo(constraint, target, /*reportErrors*/ false, /*headMessage*/ undefined, isIntersectionConstituent)) {
                             errorInfo = saveErrorInfo;
                             return result;
-                        }
+                    }
+                    // slower, fuller, this-instantiated check (necessary when comparing raw `this` types from base classes), see `subclassWithPolymorphicThisIsAssignable.ts` test for example
+                    else if (result = isRelatedTo(getTypeWithThisArgument(constraint, source), target, reportErrors, /*headMessage*/ undefined, isIntersectionConstituent)) {
+                        errorInfo = saveErrorInfo;
+                        return result;
                     }
                 }
                 else if (source.flags & TypeFlags.Index) {