Can I use iCloud to reset password on my iPad if I get locked out?

No. Screen lock passcode on iPhones and iPads have nothing to do with iCloud. They are stored, encrypted, locally on the device itself and nowhere else. And there is no remote reset mechanism for them - they can only be reset by erasing the device. That is a deliberate design feature of iOS and iPadOS - that without knowing the screen lock passcode, there is no way for anybody to recover, reset or replace it without erasing the device. That way nobody can access anyone’s device data without the passcode - there is no “back door” into the system, nor even the potential for such a thing since it is a local-device only passcode.

It’s also a strong argument to make regular iCloud and/or iTunes backups (iCloud will backup automatically every 24 hours if you enable it, and leave your device plugged in overnight).