The fact that Email 1 dropped from 1.52% to 0.14% before you noticed the follow-ups going quiet makes me think the follow-ups are probably a symptom, not the root cause.
Since your inbox placement test for Email 1 looked healthy, I wouldn't jump straight to saying it's only a deliverability issue. At this point, I'd be looking at the bigger picture, sender reputation over time, engagement signals, any changes to the sequence or targeting, and then how the follow-ups are being treated.
I would still test every email in the sequence though. Just because Email 1 lands in the inbox doesn't mean Email 2, 3, or 4 are being treated the same. The images alone make them different enough that it's worth validating each step instead of assuming they'll behave the same.
As for the Instantly infrastructure, I do think branded domains tend to perform better over time because they're more trustworthy to recipients, but I don't think branding by itself explains a drop that dramatic. It feels like there's another variable in the mix.
One thing I'd really want to understand is what changed around the time the reply rate started falling. Was it the lead source, the copy, sending volume, personalization, tracking, or something else? In my experience, that's usually where the real answer is hiding.