Don't worry about the VA vs. watts. For all practical purposes here it's the same. The calculations involve the power factor for whatever you're running. Your water heater is purely resistive so it would have a PF of 1 so watts and VA are equal. Your AC will likely have a PF of less than one so it will use more VA than watts but I bet it's almost the same.
Either way, a 2,800 gen. should run 2,400 easy without dropping to 95 volts. You have either a defective meter, defective gen, or your load is bigger than you think. If it's the gen. it should most definitely be a warranty issue.
You're manual should tell you how much to derate the gen. for altitude. We're you camped at high altitude? That may be the problem.