The standard 95" BB kit includes the SE203 cams and cast flat top pistons. At sea level and with good ring seal and a fresh top end, the CCP should be about 170psi. If the readings are close from cylinder to cylinder, that means that the cylinder wear has been consistent. A difference of 125psi to 170psi would be enough for me to pull the cylinders and hone to fit some .010" pistons, or, better yet, bore to 3.932" and increase displacement to 98".
When checking compression on a CV carbureted motor, I pull the carb out of the boot to get an accurate reading. As BigAl66 points out, the slide is vacuum operated and will not move without motor running; it needs engine vacuum to operate. Holding the throttle open without the motor running simply opens the butterfly but not the slide. I would pull the carb from the boot and check compression again to confirm the 125psi reading.
The next step would be to follow with a leakdown test which will tell much more about the condition of the top end. JMHO