No it won't wipe the BIOS update
All it does is default the BIOS settings to factory default, but you will lose settings like time/date/CPU configuration etc.
The BIOS will then default to a detect setting (if you like), so your hardware will run fine.
There should be a battery on your mobo which you can remove, or alternatively, there's an "clr CMOS" jumper you can use to short it (about 5-10 seconds).
Make sure power is OFF when you clear the CMOS!