If the password is indeed in win95, you can probably bypass it by simply pressing escape/closing the window when prompted for the password. Yes this is very silly but that's pretty much windows 95 for you
Otherwise yes reinstalling should also clear the password.
It is strange though that pressing f8 doesn't work, are you using a usb keyboard by any chance ? Also maybe you're not pressing it at the right moment, you need to press it when the pc shows "starting windows 95", not later, like when the win95 logo shows up.