You can use the verticalAlignment parameter in the Row.
Something like:
Row(
    modifier = Modifier.padding(20.dp),
    verticalAlignment = Alignment.CenterVertically
) {
    Text(text = "Hello!")
    Spacer(modifier = Modifier.width(10.dp))
    Button(onClick = { /*do something*/ },
            modifier = Modifier.padding(25.dp)) {
        Text(text = "Click")
    }
}

You can also use the align modifier defined in the RowScope in each composable in the Row.
Pls note that:
Align the element vertically within the Row. This alignment will have priority over the Row's verticalAlignment parameter.
Row(
    verticalAlignment = Alignment.CenterVertically
) {
    // The child with no align modifier is positioned by default so that is in the middle of
    // the vertical axis.
    Box(Modifier.size(80.dp, 40.dp).background(Teal200))
    // Gravity.Top, the child will be positioned so that its top edge is aligned to the top
    // of the vertical axis.
    Box(Modifier.size(80.dp, 40.dp).align(Alignment.Top).background(Color.Red))
    // Gravity.Center, the child will be positioned so that its center is in the middle of
    // the vertical axis.
    Box(Modifier.size(80.dp, 40.dp).align(Alignment.CenterVertically).background(Color.Yellow))
    // Gravity.Bottom, the child will be positioned so that its bottom edge is aligned to the
    // bottom of the vertical axis.
    Box(Modifier.size(80.dp, 40.dp).align(Alignment.Bottom).background(Color.Green))
}
