Nonreciprocal interactions are commonplace in continuum-level descriptions of both biological and synthetic active matter, yet studies addressing their implications for time reversibility have so far been limited to microscopic models. Here, we derive a general expression for the average rate of informational entropy production in the most generic mixture of conserved phase fields with nonreciprocal couplings and additive conservative noise. For the particular case of a binary system with Cahn-Hilliard dynamics augmented by nonreciprocal cross-diffusion terms, we observe a nontrivial scaling of the entropy production rate across a parity-time symmetry breaking phase transition. We derive a closed-form analytic expression in the weak-noise regime for the entropy production rate due to the emergence of a macroscopic dynamic phase, showing it can be written in terms of the global polar order parameter, a measure of parity-time symmetry breaking.