Yes, it was released in 1995, as other answers demonstrate through references.
But I distinctly remember thinking that it was late, back at that time.
But is my memory incorrect?
In fact, this is WHY the product called Windows 95 got the name that it did.
People were so fed up with the delays for something initially slated for 1993, that when Microsoft was going to again announce a delay from the intended Spring 1995 release, they also announced the formal name change. The point was to really, really emphasize that yes, they really are going to get this thing out in 1995. Because, as you correctly remembered, they were quite late.
By the way, shortly before Windows 95's release, OS/2 was actually outselling Microsoft Windows. Microsoft might not have had the success they did with Windows if they ended up delaying the product significantly, again.
Of course, the reality is, they did ship this in 1995. And that initial version wouldn't run for more than 49.7 days (without requiring a reboot) because of one of the product's uncaught bugs. I believe it also did not come with Microsoft Internet Explorer. Some features that many people think of as being part of Windows were actually released in a separate product called the "Windows 95 Plus!" pack, as a sold add-on which contained the Internet Jumpstart Kit including Microsoft Internet Explorer, and DriveSpace (which was previously part of MS-DOS 6.2 and 6.22), System Agent (later renamed to Task Scheduler), and other items like "graphical improvements such as anti-aliased screen fonts, full-window drag" (to quote WikiPedia's article for "Microsoft Plus!", section called "Microsoft Plus! for Windows 95). Perhaps such simplification helped to enable the greater focus on the larger operating system to be able to meet the desired target date.
So, in summary, Microsoft managed to get the thing out by 1995 by releasing a not-quite-polished-real-well version.