diff --git a/src/wp-includes/class-wp-editor.php b/src/wp-includes/class-wp-editor.php
index 5709dd2ef5c0b..2f1649a35a878 100644
--- a/src/wp-includes/class-wp-editor.php
+++ b/src/wp-includes/class-wp-editor.php
@@ -1541,7 +1541,7 @@ public static function force_uncompressed_tinymce() {
 		$wp_scripts = wp_scripts();
 
 		$wp_scripts->remove( 'wp-tinymce' );
-		wp_register_tinymce_scripts( $wp_scripts, true );
+		wp_register_tinymce_scripts( $wp_scripts );
 	}
 
 	/**
diff --git a/src/wp-includes/script-loader.php b/src/wp-includes/script-loader.php
index 2d839af4a1a82..28772b6534337 100644
--- a/src/wp-includes/script-loader.php
+++ b/src/wp-includes/script-loader.php
@@ -4,7 +4,7 @@
  *
  * Several constants are used to manage the loading, concatenating and compression of scripts and CSS:
  * define('SCRIPT_DEBUG', true); loads the development (non-minified) versions of all scripts and CSS, and disables compression and concatenation,
- * define('CONCATENATE_SCRIPTS', false); disables compression and concatenation of scripts and CSS,
+ * define('CONCATENATE_SCRIPTS', true); enables concatenation of scripts and CSS in the admin and on the login screen (disabled by default),
  * define('COMPRESS_SCRIPTS', false); disables compression of scripts,
  * define('COMPRESS_CSS', false); disables compression of CSS,
  * define('ENFORCE_GZIP', true); forces gzip for compression (default is deflate).
@@ -37,35 +37,42 @@
 /**
  * Registers TinyMCE scripts.
  *
+ * TinyMCE core and the compat3x plugin are registered as separate files. TinyMCE loads its theme
+ * and any other plugins itself when an editor is initialized. The `wp-tinymce.js` bundle of all of
+ * them is no longer registered, but it can still be registered in their place under the
+ * `wp-tinymce` handle.
+ *
  * @since 5.0.0
+ * @since 7.2.0 The `wp-tinymce.js` bundle is no longer registered, regardless of whether scripts
+ *              are concatenated or compressed.
+ * @since 7.2.0 The `$force_uncompressed` parameter was deprecated and renamed to `$deprecated`.
  *
  * @global string $tinymce_version
- * @global bool   $concatenate_scripts
- * @global bool   $compress_scripts
  *
- * @param WP_Scripts $scripts            WP_Scripts object.
- * @param bool       $force_uncompressed Whether to forcibly prevent gzip compression. Default false.
+ * @param WP_Scripts $scripts    WP_Scripts object.
+ * @param bool       $deprecated Not used.
+ *
+ * @phpstan-param false $deprecated
  */
-function wp_register_tinymce_scripts( $scripts, $force_uncompressed = false ) {
-	global $tinymce_version, $concatenate_scripts, $compress_scripts;
+function wp_register_tinymce_scripts( $scripts, $deprecated = false ): void {
+	global $tinymce_version;
+
+	if ( false !== $deprecated ) {
+		_deprecated_argument( __FUNCTION__, '7.2.0' );
+	}
 
 	$suffix     = wp_scripts_get_suffix();
 	$dev_suffix = wp_scripts_get_suffix( 'dev' );
 
-	script_concat_settings();
-
-	$compressed = $compress_scripts && $concatenate_scripts && ! $force_uncompressed;
-
 	/*
-	 * Load tinymce.js when running from /src, otherwise load wp-tinymce.js (in production)
-	 * or tinymce.min.js (when SCRIPT_DEBUG is true).
+	 * This no longer depends on the concatenation settings, but it is where an admin screen has
+	 * settled them until now, which the 'wp_should_concatenate_admin_scripts' filter documents.
 	 */
-	if ( $compressed ) {
-		$scripts->add( 'wp-tinymce', includes_url( 'js/tinymce/' ) . 'wp-tinymce.js', array(), $tinymce_version );
-	} else {
-		$scripts->add( 'wp-tinymce-root', includes_url( 'js/tinymce/' ) . "tinymce$dev_suffix.js", array(), $tinymce_version );
-		$scripts->add( 'wp-tinymce', includes_url( 'js/tinymce/' ) . "plugins/compat3x/plugin$dev_suffix.js", array( 'wp-tinymce-root' ), $tinymce_version );
-	}
+	script_concat_settings();
+
+	// Load tinymce.js when running from /src, otherwise tinymce.min.js.
+	$scripts->add( 'wp-tinymce-root', includes_url( 'js/tinymce/' ) . "tinymce$dev_suffix.js", array(), $tinymce_version );
+	$scripts->add( 'wp-tinymce', includes_url( 'js/tinymce/' ) . "plugins/compat3x/plugin$dev_suffix.js", array( 'wp-tinymce-root' ), $tinymce_version );
 
 	$scripts->add( 'wp-tinymce-lists', includes_url( "js/tinymce/plugins/lists/plugin$suffix.js" ), array( 'wp-tinymce' ), $tinymce_version );
 }
@@ -2498,7 +2505,7 @@ function script_concat_settings() {
 /**
  * Determines whether scripts and styles are concatenated on admin screens and the login screen.
  *
- * Concatenation is on unless the `CONCATENATE_SCRIPTS` constant turns it off, and `SCRIPT_DEBUG`
+ * Concatenation is off unless the `CONCATENATE_SCRIPTS` constant turns it on, and `SCRIPT_DEBUG`
  * turns it off regardless. Scripts and styles are never concatenated elsewhere.
  *
  * This is the default that script_concat_settings() gives the `$concatenate_scripts` global when
@@ -2515,7 +2522,7 @@ function script_concat_settings() {
  * @return bool Whether scripts and styles are concatenated on admin screens and the login screen.
  */
 function wp_should_concatenate_admin_scripts(): bool {
-	$concatenate = ( defined( 'CONCATENATE_SCRIPTS' ) ? (bool) CONCATENATE_SCRIPTS : true )
+	$concatenate = ( defined( 'CONCATENATE_SCRIPTS' ) ? (bool) CONCATENATE_SCRIPTS : false )
 		&& ! ( defined( 'SCRIPT_DEBUG' ) && SCRIPT_DEBUG );
 
 	/**
@@ -2532,8 +2539,8 @@ function wp_should_concatenate_admin_scripts(): bool {
 	 *
 	 * @since 7.2.0
 	 *
-	 * @param bool $concatenate Whether scripts and styles are concatenated. Default true, unless the
-	 *                          `CONCATENATE_SCRIPTS` constant is false or `SCRIPT_DEBUG` is true.
+	 * @param bool $concatenate Whether scripts and styles are concatenated. Default false, unless the
+	 *                          `CONCATENATE_SCRIPTS` constant is true and `SCRIPT_DEBUG` is not.
 	 */
 	return (bool) apply_filters( 'wp_should_concatenate_admin_scripts', $concatenate );
 }
diff --git a/tests/phpunit/tests/dependencies/scripts.php b/tests/phpunit/tests/dependencies/scripts.php
index 000838f0fbd0c..f80fd7c9c8e2c 100644
--- a/tests/phpunit/tests/dependencies/scripts.php
+++ b/tests/phpunit/tests/dependencies/scripts.php
@@ -35,6 +35,11 @@ class Tests_Dependencies_Scripts extends WP_UnitTestCase {
 	 */
 	protected $old_concatenate_scripts;
 
+	/**
+	 * @var mixed
+	 */
+	protected $old_compress_scripts;
+
 	/**
 	 * @var WP_Styles
 	 */
@@ -54,6 +59,7 @@ public function set_up() {
 		$this->old_wp_scripts          = $GLOBALS['wp_scripts'] ?? null;
 		$this->old_wp_styles           = $GLOBALS['wp_styles'] ?? null;
 		$this->old_concatenate_scripts = $GLOBALS['concatenate_scripts'] ?? null;
+		$this->old_compress_scripts    = $GLOBALS['compress_scripts'] ?? null;
 		remove_action( 'wp_default_scripts', 'wp_default_scripts' );
 		remove_action( 'wp_default_scripts', 'wp_default_packages' );
 		$GLOBALS['wp_scripts']                  = new WP_Scripts();
@@ -77,6 +83,7 @@ public function tear_down() {
 		$GLOBALS['wp_scripts']          = $this->old_wp_scripts;
 		$GLOBALS['wp_styles']           = $this->old_wp_styles;
 		$GLOBALS['concatenate_scripts'] = $this->old_concatenate_scripts;
+		$GLOBALS['compress_scripts']    = $this->old_compress_scripts;
 		add_action( 'wp_default_scripts', 'wp_default_scripts' );
 		parent::tear_down();
 	}
@@ -3830,9 +3837,7 @@ static function () {
 	 * @ticket 58648
 	 */
 	public function test_printing_tinymce_scripts() {
-		global $wp_scripts;
-
-		wp_register_tinymce_scripts( $wp_scripts, true );
+		wp_register_tinymce_scripts( wp_scripts() );
 
 		$actual = get_echo( 'wp_print_scripts', array( array( 'wp-tinymce' ) ) );
 
@@ -3840,6 +3845,65 @@ public function test_printing_tinymce_scripts() {
 		$this->assertStringNotContainsString( 'defer', $actual, 'TinyMCE should not have a defer attribute.' );
 	}
 
+	/**
+	 * Tests that TinyMCE is registered as separate files, never as the `wp-tinymce.js` bundle.
+	 *
+	 * @ticket 57548
+	 *
+	 * @covers ::wp_register_tinymce_scripts
+	 *
+	 * @dataProvider data_register_tinymce_scripts_unbundled
+	 *
+	 * @param bool $concatenate Value of the `$concatenate_scripts` global.
+	 * @param bool $compress    Value of the `$compress_scripts` global.
+	 */
+	public function test_register_tinymce_scripts_unbundled( bool $concatenate, bool $compress ): void {
+		global $concatenate_scripts, $compress_scripts;
+
+		$concatenate_scripts = $concatenate;
+		$compress_scripts    = $compress;
+
+		$wp_scripts = wp_scripts();
+		wp_register_tinymce_scripts( $wp_scripts );
+
+		$root = $wp_scripts->query( 'wp-tinymce-root' );
+		$this->assertInstanceOf( _WP_Dependency::class, $root, 'Expected TinyMCE core to be registered.' );
+		$this->assertIsString( $root->src );
+		$this->assertMatchesRegularExpression( '#/js/tinymce/tinymce(\.min)?\.js$#', $root->src );
+
+		$tinymce = $wp_scripts->query( 'wp-tinymce' );
+		$this->assertInstanceOf( _WP_Dependency::class, $tinymce, 'Expected the wp-tinymce handle to be registered.' );
+		$this->assertIsString( $tinymce->src );
+		$this->assertMatchesRegularExpression( '#/js/tinymce/plugins/compat3x/plugin(\.min)?\.js$#', $tinymce->src );
+		$this->assertSame( array( 'wp-tinymce-root' ), $tinymce->deps );
+	}
+
+	/**
+	 * Data provider for test_register_tinymce_scripts_unbundled().
+	 *
+	 * @return array<non-falsy-string, array{ concatenate: bool, compress: bool }>
+	 */
+	public function data_register_tinymce_scripts_unbundled(): array {
+		return array(
+			'concatenated and compressed' => array(
+				'concatenate' => true,
+				'compress'    => true,
+			),
+			'concatenated only'           => array(
+				'concatenate' => true,
+				'compress'    => false,
+			),
+			'compressed only'             => array(
+				'concatenate' => false,
+				'compress'    => true,
+			),
+			'neither'                     => array(
+				'concatenate' => false,
+				'compress'    => false,
+			),
+		);
+	}
+
 	/**
 	 * Make sure scripts with a loading strategy that are printed
 	 * without being enqueued are handled properly.
diff --git a/tests/phpunit/tests/dependencies/wpShouldConcatenateAdminScripts.php b/tests/phpunit/tests/dependencies/wpShouldConcatenateAdminScripts.php
index 6030e3965314a..8a577edf3228b 100644
--- a/tests/phpunit/tests/dependencies/wpShouldConcatenateAdminScripts.php
+++ b/tests/phpunit/tests/dependencies/wpShouldConcatenateAdminScripts.php
@@ -74,8 +74,7 @@ public function test_constant_off(): void {
 	}
 
 	/**
-	 * Tests the default when `CONCATENATE_SCRIPTS` is not defined, which is to concatenate unless
-	 * `SCRIPT_DEBUG` is on.
+	 * Tests the default when `CONCATENATE_SCRIPTS` is not defined, which is not to concatenate.
 	 *
 	 * @ticket 57548
 	 */
@@ -84,7 +83,7 @@ public function test_default(): void {
 			$this->markTestSkipped( 'CONCATENATE_SCRIPTS is defined.' );
 		}
 
-		$this->assertSame( ! SCRIPT_DEBUG, wp_should_concatenate_admin_scripts() );
+		$this->assertFalse( wp_should_concatenate_admin_scripts() );
 	}
 
 	/**
@@ -96,7 +95,7 @@ public function test_filter(): void {
 		$filter = new MockAction();
 		add_filter( 'wp_should_concatenate_admin_scripts', array( $filter, 'filter' ) );
 
-		$this->assertSame( ! SCRIPT_DEBUG && ( ! defined( 'CONCATENATE_SCRIPTS' ) || CONCATENATE_SCRIPTS ), wp_should_concatenate_admin_scripts() );
+		$this->assertSame( ! SCRIPT_DEBUG && defined( 'CONCATENATE_SCRIPTS' ) && CONCATENATE_SCRIPTS, wp_should_concatenate_admin_scripts() );
 		$this->assertSame( 1, $filter->get_call_count() );
 
 		add_filter( 'wp_should_concatenate_admin_scripts', '__return_true', 20 );