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This feature has been shipped in August 2020 release (version 24.3)
You may read about this here: https://helpx.adobe.com/in/illustrator/using/whats-new/2020-3.html#vertical-align
Please update to the latest release using Creative Cloud desktop App: https://helpx.adobe.com/in/creative-cloud/help/creative-cloud-updates.html
Thank you for all the feedback.
An error occurred while saving the commentBrooke commented
Come on Adobe, please just add this feature! I felt like an idiot searching all over for something that doesn't exist.