`Exclude<Exclude<T, null>, undefined>` is not assignable to `Exclude<T, null | undefined>` and vice versa

TypeScript Version: Nightly

Search Terms:
typescript nullness inference

Expected behavior:
They should be assignable to each other.

Actual behavior:
They are not considered assignable to each other.

Type 'Exclude<Exclude<T, null>, undefined>' is not assignable to type 'Exclude<T, null | undefined>'.
  Type 'Exclude<T, null>' is not assignable to type 'Exclude<T, null | undefined>'.
    Type 'T' is not assignable to type 'Exclude<T, null | undefined>'.(2322)

and

Type 'Exclude<T, null | undefined>' is not assignable to type 'Exclude<Exclude<T, null>, undefined>'.
  Type 'T' is not assignable to type 'Exclude<Exclude<T, null>, undefined>'.(2322)

Related Issues:
N/A

Code

export function f<T>(v: Exclude<Exclude<T, null>, undefined>) {
    const w: Exclude<T, null | undefined> = v;
}

export function g<T>(v: Exclude<T, null | undefined>) {
    const w: Exclude<Exclude<T, null>, undefined> = v;
}

export function f(v) {
    const w = v;
}
export function g(v) {
    const w = v;
}

{
  "compilerOptions": {
    "noImplicitAny": true,
    "strictNullChecks": true,
    "strictFunctionTypes": true,
    "strictPropertyInitialization": true,
    "strictBindCallApply": true,
    "noImplicitThis": true,
    "noImplicitReturns": true,
    "useDefineForClassFields": false,
    "alwaysStrict": true,
    "allowUnreachableCode": false,
    "allowUnusedLabels": false,
    "downlevelIteration": false,
    "noEmitHelpers": false,
    "noLib": false,
    "noStrictGenericChecks": false,
    "noUnusedLocals": false,
    "noUnusedParameters": false,
    "esModuleInterop": true,
    "preserveConstEnums": false,
    "removeComments": false,
    "skipLibCheck": false,
    "checkJs": false,
    "allowJs": false,
    "declaration": true,
    "experimentalDecorators": false,
    "emitDecoratorMetadata": false,
    "target": "ES2017",
    "module": "ESNext"
  }
}

Playground Link: Provided

Start with the provided Playground link and the generic functions f and g under the listed strict compiler options. Trace how the compiler checks the two nested Exclude types, then verify that both assignments are accepted without the reported TS2322 errors while preserving the shown emitted output.