You create a nested meta query
$meta_query = array(
'relation' => 'OR',
array(
// cpt1_status exists and is == 1
'relation' => 'AND',
array(
'key' => 'cpt2_status',
'compare' => 'EXISTS'
),
array(
'key' => 'cpt1_status',
'value' => '1'
'compare' => '='
)
),
// repeat to cpt2_status
);