No, these are 2 different things:
pres F1 to continue or F2 to enter setup
This is the BIOS speaking. its telling you to either press f1 to ignore the disk error and try to move on, or press f2 to enter the setup and modify settings. At this Point windows hasn't even begun to load, so the F8 key unless used by the BIOS for something else, will do diddly squat.
After pressing F1 to continue you can try to press F8, and see if it will let you get in to Safe Mode,
but a Disk Read error, would most likely mean the drive is failing. I would Press F2 to enter setup, and check that the BIOS can indeed see and recognize the drive. If not, it might be time to go shopping for a new one.
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Ignorance is not necessarily Bliss, case in point:
Unknown has caused an Unknown Error on Unknown and must be shutdown to prevent damage to Unknown.