diff --git a/src/sksl/SkSLCompiler.cpp b/src/sksl/SkSLCompiler.cpp
index 68f8986..d10eb18 100644
--- a/src/sksl/SkSLCompiler.cpp
+++ b/src/sksl/SkSLCompiler.cpp
@@ -87,6 +87,21 @@
     const String* fOldSource;
 };
 
+class AutoProgramConfig {
+public:
+    AutoProgramConfig(std::shared_ptr<Context>& context, ProgramConfig* config)
+            : fContext(context.get()) {
+        SkASSERT(!fContext->fConfig);
+        fContext->fConfig = config;
+    }
+
+    ~AutoProgramConfig() {
+        fContext->fConfig = nullptr;
+    }
+
+    Context* fContext;
+};
+
 Compiler::Compiler(const ShaderCapsClass* caps)
         : fContext(std::make_shared<Context>(/*errors=*/*this, *caps))
         , fInliner(fContext.get())
@@ -256,16 +271,24 @@
 
 LoadedModule Compiler::loadModule(ProgramKind kind,
                                   ModuleData data,
-                                  std::shared_ptr<SymbolTable> base) {
-    if (!base) {
-        // NOTE: This is a workaround. The only time 'base' is null is when dehydrating includes.
-        // In that case, skslc doesn't know which module it's preparing, nor what the correct base
-        // module is. We can't use 'Root', because many GPU intrinsics reference private types,
-        // like samplers or textures. Today, 'Private' does contain the union of all known types,
-        // so this is safe. If we ever have types that only exist in 'Public' (for example), this
-        // logic needs to be smarter (by choosing the correct base for the module we're compiling).
+                                  std::shared_ptr<SymbolTable> base,
+                                  bool dehydrate) {
+    if (dehydrate) {
+        // NOTE: This is a workaround. When dehydrating includes, skslc doesn't know which module
+        // it's preparing, nor what the correct base module is. We can't use 'Root', because many
+        // GPU intrinsics reference private types, like samplers or textures. Today, 'Private' does
+        // contain the union of all known types, so this is safe. If we ever have types that only
+        // exist in 'Public' (for example), this logic needs to be smarter (by choosing the correct
+        // base for the module we're compiling).
         base = fPrivateSymbolTable;
     }
+    SkASSERT(base);
+
+    // Built-in modules always use default program settings.
+    ProgramConfig config;
+    config.fKind = kind;
+    config.fSettings.fReplaceSettings = !dehydrate;
+    AutoProgramConfig autoConfig(fContext, &config);
 
 #if defined(SKSL_STANDALONE)
     SkASSERT(data.fPath);
@@ -282,13 +305,6 @@
     SkASSERT(fIRGenerator->fCanInline);
     fIRGenerator->fCanInline = false;
 
-    ProgramConfig config;
-    config.fKind = kind;
-    config.fSettings.fReplaceSettings = false;
-
-    fContext->fConfig = &config;
-    SK_AT_SCOPE_EXIT(fContext->fConfig = nullptr);
-
     ParsedModule baseModule = {base, /*fIntrinsics=*/nullptr};
     IRGenerator::IRBundle ir = fIRGenerator->convertProgram(baseModule, /*isBuiltinCode=*/true,
                                                             source->c_str(), source->length(),
@@ -313,7 +329,7 @@
 }
 
 ParsedModule Compiler::parseModule(ProgramKind kind, ModuleData data, const ParsedModule& base) {
-    LoadedModule module = this->loadModule(kind, data, base.fSymbols);
+    LoadedModule module = this->loadModule(kind, data, base.fSymbols, /*dehydrate=*/false);
     this->optimize(module);
 
     // For modules that just declare (but don't define) intrinsic functions, there will be no new
@@ -1436,10 +1452,7 @@
 
     // Update our context to point to the program configuration for the duration of compilation.
     auto config = std::make_unique<ProgramConfig>(ProgramConfig{kind, settings});
-
-    SkASSERT(!fContext->fConfig);
-    fContext->fConfig = config.get();
-    SK_AT_SCOPE_EXIT(fContext->fConfig = nullptr);
+    AutoProgramConfig autoConfig(fContext, config.get());
 
     fErrorText = "";
     fErrorCount = 0;
@@ -1541,11 +1554,7 @@
     // Create a temporary program configuration with default settings.
     ProgramConfig config;
     config.fKind = module.fKind;
-
-    // Update our context to point to this configuration for the duration of compilation.
-    SkASSERT(!fContext->fConfig);
-    fContext->fConfig = &config;
-    SK_AT_SCOPE_EXIT(fContext->fConfig = nullptr);
+    AutoProgramConfig autoConfig(fContext, &config);
 
     // Reset the Inliner.
     fInliner.reset(fModifiers.back().get());
@@ -1556,11 +1565,11 @@
         bool madeChanges = false;
 
         // Scan and optimize based on the control-flow graph for each function.
-        // TODO(skia:11365): we always perform CFG-based optimization here to reduce Settings into
-        // their final form. We should do this optimization in our Make functions instead.
-        for (const auto& element : module.fElements) {
-            if (element->is<FunctionDefinition>()) {
-                madeChanges |= this->scanCFG(element->as<FunctionDefinition>(), usage.get());
+        if (config.fSettings.fControlFlowAnalysis) {
+            for (const auto& element : module.fElements) {
+                if (element->is<FunctionDefinition>()) {
+                    madeChanges |= this->scanCFG(element->as<FunctionDefinition>(), usage.get());
+                }
             }
         }
 
diff --git a/src/sksl/SkSLCompiler.h b/src/sksl/SkSLCompiler.h
index e88ce58..819ac32 100644
--- a/src/sksl/SkSLCompiler.h
+++ b/src/sksl/SkSLCompiler.h
@@ -160,7 +160,8 @@
         return ModuleData{/*fPath=*/nullptr, data, size};
     }
 
-    LoadedModule loadModule(ProgramKind kind, ModuleData data, std::shared_ptr<SymbolTable> base);
+    LoadedModule loadModule(ProgramKind kind, ModuleData data, std::shared_ptr<SymbolTable> base,
+                            bool dehydrate);
     ParsedModule parseModule(ProgramKind kind, ModuleData data, const ParsedModule& base);
 
     IRGenerator& irGenerator() {
diff --git a/src/sksl/SkSLDehydrator.cpp b/src/sksl/SkSLDehydrator.cpp
index d348d53..d082814 100644
--- a/src/sksl/SkSLDehydrator.cpp
+++ b/src/sksl/SkSLDehydrator.cpp
@@ -348,7 +348,6 @@
                 const Setting& s = e->as<Setting>();
                 this->writeCommand(Rehydrator::kSetting_Command);
                 this->write(s.name());
-                this->write(s.type());
                 break;
             }
             case Expression::Kind::kSwizzle: {
diff --git a/src/sksl/SkSLIRGenerator.cpp b/src/sksl/SkSLIRGenerator.cpp
index 985c0ba..4c8102e 100644
--- a/src/sksl/SkSLIRGenerator.cpp
+++ b/src/sksl/SkSLIRGenerator.cpp
@@ -2492,14 +2492,7 @@
     StringFragment field = fieldNode.getString();
     const Type& baseType = base->type();
     if (baseType == *fContext.fTypes.fSkCaps) {
-        if (this->settings().fReplaceSettings && !fIsBuiltinCode) {
-            return Setting::GetValue(fContext, fieldNode.fOffset, field);
-        }
-        const Type* type = Setting::GetType(fContext, fieldNode.fOffset, field);
-        if (!type) {
-            return nullptr;
-        }
-        return std::make_unique<Setting>(fieldNode.fOffset, field, type);
+        return Setting::Make(fContext, fieldNode.fOffset, field);
     }
     switch (baseType.typeKind()) {
         case Type::TypeKind::kStruct:
diff --git a/src/sksl/SkSLMain.cpp b/src/sksl/SkSLMain.cpp
index b178145..9e10d44 100644
--- a/src/sksl/SkSLMain.cpp
+++ b/src/sksl/SkSLMain.cpp
@@ -454,8 +454,9 @@
             printf("error writing '%s'\n", outputPath.c_str());
             return ResultCode::kOutputError;
         }
-        SkSL::LoadedModule module = compiler.loadModule(
-                kind, SkSL::Compiler::MakeModulePath(inputPath.c_str()), nullptr);
+        SkSL::LoadedModule module =
+                compiler.loadModule(kind, SkSL::Compiler::MakeModulePath(inputPath.c_str()),
+                                    /*base=*/nullptr, /*dehydrate=*/true);
         SkSL::Dehydrator dehydrator;
         dehydrator.write(*module.fSymbols);
         dehydrator.write(module.fElements);
@@ -475,8 +476,8 @@
             return ResultCode::kOutputError;
         }
     } else {
-        printf("expected output path to end with one of: .glsl, .metal, .spirv, .asm.frag, "
-               ".asm.vert, .asm.geom, .cpp, .h (got '%s')\n", outputPath.c_str());
+        printf("expected output path to end with one of: .glsl, .metal, .spirv, .asm.frag, .skvm, "
+               ".stage, .asm.vert, .asm.geom, .cpp, .h (got '%s')\n", outputPath.c_str());
         return ResultCode::kConfigurationError;
     }
     return ResultCode::kSuccess;
diff --git a/src/sksl/SkSLRehydrator.cpp b/src/sksl/SkSLRehydrator.cpp
index 55949d4..e935d48 100644
--- a/src/sksl/SkSLRehydrator.cpp
+++ b/src/sksl/SkSLRehydrator.cpp
@@ -514,8 +514,7 @@
         }
         case Rehydrator::kSetting_Command: {
             StringFragment name = this->readString();
-            const Type* type = this->type();
-            return std::make_unique<Setting>(-1, name, type);
+            return Setting::Make(fContext, /*offset=*/-1, name);
         }
         case Rehydrator::kSwizzle_Command: {
             std::unique_ptr<Expression> base = this->expression();
diff --git a/src/sksl/generated/sksl_gpu.dehydrated.sksl b/src/sksl/generated/sksl_gpu.dehydrated.sksl
index 1b3c896..899dcbc 100644
--- a/src/sksl/generated/sksl_gpu.dehydrated.sksl
+++ b/src/sksl/generated/sksl_gpu.dehydrated.sksl
@@ -3950,7 +3950,6 @@
 34,
 44,
 35,114,8,
-40,14,3,
 44,
 1,
 49,167,3,0,65,
@@ -4311,7 +4310,6 @@
 34,
 44,
 35,159,8,
-40,14,3,
 1,
 49,209,3,0,49,
 1,
@@ -4330,7 +4328,6 @@
 34,
 44,
 35,159,8,
-40,14,3,
 1,
 49,212,3,0,49,
 1,
@@ -6138,7 +6135,6 @@
 34,
 44,
 35,255,9,
-40,14,3,
 21,
 40,168,0,105,2,1,
 6,
@@ -6165,7 +6161,6 @@
 34,
 44,
 35,255,9,
-40,14,3,
 21,
 40,176,0,109,2,1,
 6,
diff --git a/src/sksl/ir/SkSLSetting.cpp b/src/sksl/ir/SkSLSetting.cpp
index 65841b4..9f7a85c 100644
--- a/src/sksl/ir/SkSLSetting.cpp
+++ b/src/sksl/ir/SkSLSetting.cpp
@@ -101,7 +101,7 @@
 
 }  // namespace
 
-const Type* Setting::GetType(const Context& context, int offset, const String& name) {
+static const Type* get_type(const Context& context, int offset, const String& name) {
     if (const CapsLookupMethod* caps = caps_lookup_table().lookup(name)) {
         return caps->type(context);
     }
@@ -110,8 +110,8 @@
     return nullptr;
 }
 
-std::unique_ptr<Expression> Setting::GetValue(const Context& context, int offset,
-                                              const String& name) {
+static std::unique_ptr<Expression> get_value(const Context& context, int offset,
+                                             const String& name) {
     if (const CapsLookupMethod* caps = caps_lookup_table().lookup(name)) {
         return caps->value(context);
     }
@@ -120,12 +120,17 @@
     return nullptr;
 }
 
-std::unique_ptr<Expression> Setting::constantPropagate(const IRGenerator& irGenerator,
-                                                       const DefinitionMap& definitions) {
-    if (irGenerator.fContext.fConfig->fSettings.fReplaceSettings) {
-        return GetValue(irGenerator.fContext, fOffset, this->name());
+std::unique_ptr<Expression> Setting::Make(const Context& context, int offset, const String& name) {
+    SkASSERT(context.fConfig);
+
+    if (context.fConfig->fSettings.fReplaceSettings) {
+        // Insert the settings value directly into the IR.
+        return get_value(context, offset, name);
     }
-    return nullptr;
+
+    // Generate a Setting IRNode.
+    const Type* type = get_type(context, offset, name);
+    return type ? std::make_unique<Setting>(offset, name, type) : nullptr;
 }
 
 }  // namespace SkSL
diff --git a/src/sksl/ir/SkSLSetting.h b/src/sksl/ir/SkSLSetting.h
index 8ffe827..6a0cb50 100644
--- a/src/sksl/ir/SkSLSetting.h
+++ b/src/sksl/ir/SkSLSetting.h
@@ -14,8 +14,9 @@
 namespace SkSL {
 
 /**
- * Represents a compile-time constant setting, such as sk_Caps.fbFetchSupport. These are generally
- * collapsed down to their constant representations during the compilation process.
+ * Represents a compile-time constant setting, such as sk_Caps.fbFetchSupport. These IRNodes should
+ * only exist in a dehydrated module. These nodes are replaced with the value of the setting during
+ * rehydration or compilation (i.e., whenever fReplaceSettings is true).
  */
 class Setting final : public Expression {
 public:
@@ -25,16 +26,10 @@
         : INHERITED(offset, kExpressionKind, type)
         , fName(std::move(name)) {}
 
-    static const Type* GetType(const Context& context, int offset, const String& name);
-
-    static std::unique_ptr<Expression> GetValue(const Context& context, int offset,
-                                                const String& name);
-
-    std::unique_ptr<Expression> constantPropagate(const IRGenerator& irGenerator,
-                                                  const DefinitionMap& definitions) override;
+    static std::unique_ptr<Expression> Make(const Context& context, int offset, const String& name);
 
     std::unique_ptr<Expression> clone() const override {
-        return std::unique_ptr<Expression>(new Setting(fOffset, this->name(), &this->type()));
+        return std::make_unique<Setting>(fOffset, this->name(), &this->type());
     }
 
     const String& name() const {
@@ -49,10 +44,6 @@
         return false;
     }
 
-    bool isCompileTimeConstant() const override {
-        return true;
-    }
-
 private:
     String fName;