OK…not there yet but interesting observation.
If you inspect the element in the browser dev tools, the bounding rectangle for the link is 48px high, whereas all the others are 34px high. The link is properly centred within that box but because the box is bigger it appears lower.
This is going to be something to do with the dashboard theme’s HTML/CSS. I don’t know exactly what yet, but I’ll let you know as soon as I do.
I don’t think it’s anything you are doing.