The (non-)obvious win comes from saving 3 bytes by using the 0x83 'and' opcode variant instead of 0x81. There are also better improvements based on known-bits that allow us to eliminate the mask entirely.
As noted, this could be extended. There are potentially other wins from always shifting first, but doing that reveals a tangle of problems in other pattern matching. We do this transform generically in instcombine, but we often have icmp IR that doesn't match that pattern.
What about a larger than 32-bit and mask that would allow us to use a 32-bit and? Otherwise we use a movabsq to load the immediate.