is it worth doing a factory default reset
Yes, if you are having issues, or have been changing some settings on the Time Capsule. The reset gets the Time Capsule back to a fresh start, so you can set it up again from scratch.
The fact that Time Machine has not been all that reliable with backups to a Time Capsule over the last few years will not change though. So, a factory default reset might help things for a bit......or it might not.
My TC is 802.11 ac and has 7.9.1 firmware, but is in bridge mode.
In Bridge Mode, the TC can act as a wireless access point to create a wireless network, but the TC does not assign IP addresses to each of the clients on the network. It is the job of your "main" router to do this. The TC simply passes this information through from the main router to all connected network devices.
If you call Apple Support, they will tell you to set up the TC as a router.......not a bridge......so the TC will be in charge of providing IP addresses to all connected network devices.
There are both upsides and downsides to this type of setup, which might bring more discussion. There are of course no guarantees that Time Machine will work more reliably this way.
will I need to re-attach each of these or will connections remain?
If you decide to perform a factory default reset on the TC.....and......you set it up again to use the same wireless network name and password as before, then other devices should be able to connect. Conversely, if you set up the TC with a different wireless network or password, then you will have to log on with each of your other WiFi devices to select the "new" wireless network to be joined and enter the password to connect.