Consider the following expression for a general QFT action:
$$ S ~=~ \int_0^t\mathrm dt~L ~=~\int_0^t\mathrm dt\int_\mathbb {R^3}\mathrm d^3x~\mathcal L ~=~\int\mathrm d^4x~\mathcal L.$$
Here we have clearly singled out time as the "worldline parameter" for calculating $S$, because we want to calculate how a system evolves in time (in some frame). But what's special about time (in particular this choice of time coordinate)? Of course time is manifestly distinguished from space by the metric $\eta_{\mu\nu}$, but a-priori is there anything special about time (it's not clear that we would have any entropy considerations, for example)? In particular we can consider Lorentz transformations that take this time $t$ to some other coordinate. It feels like in principle we should be able to chose any 3-D subspace of $\mathbb R^4$ and flow that along the spacetime manifold.
I'd really appreciate someone with a detailed understanding of the physics and/or geometry of the situation giving some clarifying remarks (I understand there may not be a clear-cut answer).
(Btw. I am aware of the aware of various arrows of time and have read some relevant discussion, e.g. What grounds the difference between space and time?)