Prime95 is now a standard benchmarking/stress testing tool. The original concept was to slow down CPUs for older programs without speed limiters. Basically just makes your computer try to solve for prime numbers.
These days overclockers use it to load their CPUs to confirm they are stable at high voltages/clocks and to see what the max temperatures reached are.
It is by no means a 'safe' application. If your CPU does not have adequate cooling, Prime95 can cause your computer to overheat. Normally this will just cause a unexpected reboot, but prolonged overheating can damage your CPU/motherboard.
It is falling out of favor as a stressing tool because it doesn't utilize every part of a CPU simultaneously.