I've stripped your use of minipages to isolate a rudimentary (yet effective) way of dealing with the problem of alignment:

\documentclass{article}
\usepackage{graphicx}% http://ctan.org/pkg/graphicx
\begin{document}
\begin{figure}[!ht]
\centering
\setbox1=\hbox{\includegraphics[width=.2\linewidth]{example-image-a}}% Largest image
\includegraphics[width=.2\linewidth]{example-image-a}
\raisebox{\dimexpr.5\ht1-.5\height}{$\rightarrow$}
\includegraphics[width=.2\linewidth]{example-image-b}
\raisebox{\dimexpr.5\ht1-.5\height}{$\rightarrow$}
\includegraphics[width=.2\linewidth]{example-image-c}
\raisebox{\dimexpr.5\ht1-.5\height}{$\rightarrow$}
\raisebox{\dimexpr.5\ht1-.5\height}{\includegraphics[width=.1\linewidth]{example-image-a}}
\caption{A series of retractions.}
\label{fig:Retr}
\end{figure}
\end{document}
In your instance, you would only need to raise the arrows using \raisebox{\dimexpr.5\ht1-.5\height}{$\rightarrow$}, although I've done it for the last disproportionate image as well.
The idea is to store in a box the largest of the objects. I did so in \box1. Then, subsequent stuff aligned with the baseline is raise by \dimexpr.5\ht1-.5\height (or 50% of the height of the largest object minus 50% of their own height), centering them vertically.
Another option is to use adjustbox:

\documentclass{article}
\usepackage[export]{adjustbox}% http://ctan.org/pkg/adjustbox
\begin{document}
\begin{figure}[!ht]
\centering
\includegraphics[valign=c,width=.2\linewidth]{example-image-a}
$\rightarrow$
\includegraphics[valign=c,width=.2\linewidth]{example-image-b}
$\rightarrow$
\includegraphics[valign=c,width=.2\linewidth]{example-image-c}
$\rightarrow$
\includegraphics[valign=t,width=.1\linewidth]{example-image-a}
\caption{A series of retractions.}
\label{fig:Retr}
\end{figure}
\end{document}
The export option ports the keys from adjustbox to that of graphicx so you can valign your images. Note that the valign option sets the vertical anchor to which other content aligns. So, as you can see, I've set valign=t for the last image, meaning the top of that image will align with the anchors of the other components in the horizontal list - center.
[b][][b]. – Christophe De Troyer May 30 '20 at 09:35