diff --git a/README.rst b/README.rst
index fc8c673..54e0c7e 100644
--- a/README.rst
+++ b/README.rst
@@ -43,7 +43,7 @@ See the docstrings and comments in the codebase for more details.
 Setup
 -----
 
-To do its work, ``defer-imports`` must hook into the Python import system. To do that, include the following call somewhere such that it will be executed before your code:
+To do its work, ``defer-imports`` must hook into the Python import system. Include the following call somewhere such that it will be executed before your code:
 
 .. code-block:: python
 
diff --git a/src/defer_imports/__init__.py b/src/defer_imports/__init__.py
index b8e8603..a6603a6 100644
--- a/src/defer_imports/__init__.py
+++ b/src/defer_imports/__init__.py
@@ -314,6 +314,13 @@ def _calc___package__(globals: typing.MutableMapping[str, typing.Any]) -> typing
 """Custom header for defer_imports-instrumented bytecode files. Should be updated with every version release."""
 
 
+_is_loaded_using_defer = False
+"""Whether the defer_imports import loader is being used to load a module."""
+
+_is_loaded_lock = threading.Lock()
+"""A lock to guard reading from and writing to _is_loaded_using_defer."""
+
+
 class _DeferredInstrumenter:
     """AST transformer that instruments imports within "with defer_imports.until_use: ..." blocks so that their
     results are assigned to custom keys in the global namespace.
@@ -806,10 +813,21 @@ def source_to_code(self, data: _SourceData, path: _ModulePath, *, _optimize: int
     def exec_module(self, module: types.ModuleType) -> None:
         """Execute the module, but only after getting state from module.__spec__.loader_state if present."""
 
+        global _is_loaded_using_defer  # noqa: PLW0603
+
         if (spec := module.__spec__) and spec.loader_state is not None:
             self.defer_module_level = spec.loader_state["defer_module_level"]
 
-        return super().exec_module(module)
+        # Signal to defer_imports.until_use that it's not a no-op during this module's execution.
+        with _is_loaded_lock:
+            _temp = _is_loaded_using_defer
+            _is_loaded_using_defer = True
+
+        try:
+            return super().exec_module(module)
+        finally:
+            with _is_loaded_lock:
+                _is_loaded_using_defer = _temp
 
 
 class _DeferredFileFinder(FileFinder):
@@ -1204,19 +1222,22 @@ class DeferredContext:
     As part of its implementation, this temporarily replaces builtins.__import__.
     """
 
-    __slots__ = ("_import_ctx_token", "_defer_ctx_token")
-
-    # TODO: Have this turn into a no-op when not being executed with a defer_imports loader.
+    __slots__ = ("_is_active", "_import_ctx_token", "_defer_ctx_token")
 
     def __enter__(self) -> None:
-        self._defer_ctx_token = _is_deferred.set(True)
-        self._import_ctx_token = _original_import.set(builtins.__import__)
-        builtins.__import__ = _deferred___import__
+        with _is_loaded_lock:
+            self._is_active = _is_loaded_using_defer
+
+        if self._is_active:
+            self._defer_ctx_token = _is_deferred.set(True)
+            self._import_ctx_token = _original_import.set(builtins.__import__)
+            builtins.__import__ = _deferred___import__
 
     def __exit__(self, *exc_info: object) -> None:
-        _original_import.reset(self._import_ctx_token)
-        _is_deferred.reset(self._defer_ctx_token)
-        builtins.__import__ = _original_import.get()
+        if self._is_active:
+            _original_import.reset(self._import_ctx_token)
+            _is_deferred.reset(self._defer_ctx_token)
+            builtins.__import__ = _original_import.get()
 
 
 until_use: typing.Final[DeferredContext] = DeferredContext()
diff --git a/tests/test_defer_imports.py b/tests/test_defer_imports.py
index 68e7859..d50eccb 100644
--- a/tests/test_defer_imports.py
+++ b/tests/test_defer_imports.py
@@ -1114,12 +1114,20 @@ def Y2():
 
 
 def test_import_stdlib():
-    """Test that we can import most of the stdlib."""
+    """Test that defer_imports.until_use works when wrapping imports for most of the stdlib."""
 
-    import tests.sample_stdlib_imports
+    # The finder for tests.sample_stdlib_imports is already cached, so we need to temporarily reset that cache.
+    _temp_cache = dict(sys.path_importer_cache)
+    sys.path_importer_cache.clear()
+
+    with install_import_hook(uninstall_after=True):
+        import tests.sample_stdlib_imports
 
     assert tests.sample_stdlib_imports
 
+    # Revert changes to the path finder cache.
+    sys.path_importer_cache = _temp_cache
+
 
 @pytest.mark.skip(reason="Leaking patch problem is currently out of scope.")
 def test_leaking_patch(tmp_path: Path):  # pragma: no cover